New circle rates: Up to 15% hike in housing
Lucknow: The Lucknow district administration has declared circle rates applicable from December 15. In the new rates, there has been a 10-15% hike in the rates of non-agricultural land—used for developing residential property—in the district, while rates of commercial properties would see a jump of 10%. Cost of the agriculture land has been increased by 15-25% of the prices prevailing in different areas.
According to the proposed rate list, the multi-storey buildings, whose cost and value are evaluated on the carpet area of the plot and building, would now (for the first-time) also be evaluated on two additional parameters—whether the buildings are classified as ordinary or premium. The administration has done away with the earlier provision of locality-wise construction cost. Officials believe this will bring uniformity in calculating the actual worth of the property.
In rural areas, the rate of flats which came in the ordinary category would be Rs 18,000 per square metre, while premium flats would cost Rs 20,000 per square metre. Similarly, in semi-urban areas, the rates of the ordinary flats would be Rs 20,000 per square metre and the premium flats would be Rs 22,000 per square metre. In urban areas, the rates of the ordinary and premium flats would be Rs 24,000 and Rs 26,000 per square metre.
For those searching office space or godowns, there is good news, as 20% relaxation has been allowed for commercial properties covering up to 50-70 square metre, and 30% relaxation, for the additional area after 70 square metre. The concession offered will give an incentive to go for big office spaces or godowns, said an official of the district administration and added that this will effectively discourage taking godowns/office space on lease.
The revised circle rates of agriculture land does not cover revenue villages of Rewari, Kathigara, Mohammadpur, Naktaura and Gahalwara, which have been brought under the ambit of Lucknow development area and would see construction of the Lucknow-Agra Expressway. Circle rates fixed for these villages reflect an increase of 200% of the existing circle rate.
The area in which residential rates were imposed in agricultural properties in urban areas has been reduced from 0.253 hectares to 0.180 hectares and from 0.063 hectares to 0.050 hectares in rural areas.