Lucknow Property Rates To Go Up As Circle Rates Updated After a Decade
The new circle rates in Lucknow have led to price increases of up to 40% for plots, residential units, and commercial spaces. This will make buying property across the city more expensive.
Property prices in Lucknow are expected to rise as the circle rates in the city have been revised for the first time in 10 years. The change, effective from August 1, will impact the city’s real estate sector, affecting both buyers and sellers.
Details of the Updated Circle Rates
The Lucknow District Administration has released revised rates for 77 major roads and 26 authorised colonies throughout the city. The revised hikes are as follows:
- Agricultural land: Increased by 15%
- Commercial properties: Increased by 25%
- Flats in high-rise buildings: Increased by 20%
- Commercial units (shops, offices, godowns): Increased by 20%, with some areas witnessing hikes of up to 40%
These revisions aim to fix long-standing valuation gaps going back to 2015.
Effect on Prime Areas of Lucknow
With the revision, Gomtinagar has become the costliest area in the city, with circle rates between ₹7,100 and ₹7,500 per sq ft. Other key locations include Mahanagar with a fixed circle rate of ₹6,043 per sq m, and Indiranagar with ₹6,000 per sq ft.
In comparison, localities like Anantnagar and Santushti Enclave continue to have lower circle rates.
Reasons Behind the Hike
According to the District Administration, prices of non-agricultural plots have gone up by an average of 25%. The surge is attributed to Lucknow’s rapid urban development, enhanced infrastructure, and rising demand for real estate.
Aimed at Transparency and Fair Valuation
Additional District Magistrate (Finance) Rakesh Kumar stated that the key goal of this revision is to promote more transparency in land dealings and to avoid undervaluation of properties.
As per the updated rules, plots marked as commercial in the city’s master plan will be evaluated 50% higher than non-agricultural land.
How To Check New Circle Rates
The updated circle rate list can be accessed via the official Lucknow NIC portal or verified at the Assistant Inspector General (Registration) and Sub-Registrar offices.
Impact on Property Buyers and Charges
These increased circle rates will also influence stamp duty and registration charges, thereby increasing the total cost for purchasers. While experts say this move promotes transparency in the real estate sector, it also raises the financial burden on property buyers.
The updated circle rates in Lucknow mark an important step toward fair property valuation, though they are expected to push up costs for homebuyers and investors.
