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What Are the Current Circle Rates in Lucknow?
- Circle Rate in Lucknow
- Current Circle Rate in Lucknow 2023
- How to Calculate Property Value in Lucknow Using the Circle Rate for Stamp Duty Payment?
- Stamp Duty for Agriculture Land
- Registry Charges in Lucknow
- What Are Factors on Which Circle Rates Depend?
- What Is the Impact of Circle Rates on Taxation in Up or Lucknow?
- Conclusion
- FAQ
Circle rate is a crucial factor in property valuation as it determines stamp duty and registration charges. These rates vary across different areas, influenced mainly by the size and location of the property. If you are considering buying a property in Lucknow, knowing the city's current circle rates is important. In this article, we will discuss the circle rate in Lucknow, the calculation process, and other relevant information.
Circle Rate in Lucknow
Circle rates in Lucknow, set by the state government of Uttar Pradesh, determine stamp duty and registration charges for property buyers. Also known as Ready Reckoner Rate (RRR), these rates vary based on the area and zone. Buyers multiply the circle rate by the applicable percentage to calculate charges. Awareness of circle rates is crucial for estimating costs and ensuring compliance. To calculate the circle rate in Lucknow, you can use the following formula:
Circle Rate = Base Rate + (Factor * Area Adjustment) + (Factor * Zone Adjustment)
Where:
- Base Rate: The base rate set by the state government of Uttar Pradesh.
- Factor: A multiplier determined based on various factors such as infrastructure, amenities, and demand in the area.
- Area Adjustment: An adjustment factor based on the size or area of the property.
- Zone Adjustment: An adjustment factor based on Lucknow's specific zone or locality.
Note - The specific values for the base rate, factor, and adjustments may vary and should be obtained from the relevant authorities or official sources.
Current Circle Rate in Lucknow 2023
Here is the circle rates list for different areas in Lucknow in 2023:| Area | Circle Rate (per sq. m.) |
|---|---|
| Subhash Marg Medical College to Charbagh Tiraha | Rs.31,000 |
| Telibagh Nagar to PGI Nagar Nigam limit | Rs.31,000 |
| Guru Govind Singh Marg Hussainganj Chauraha to Naka Chauraha | Rs.31,000 |
| Charbagh Station to Awadh Hospital | Rs.55,000 |
| Kaiserbagh Chauraha to Charbagh | Rs.55,000 |
| Singar Nagar Chauraha to Hydel Chauraha | Rs.55,000 |
| Mahatma Gandhi Marg | Rs.76,000 |
| Hazratganj Chauraha to Kalidas Marg Chauraha | Rs.76,000 |
| Vibhuti Khand | Rs.40,000 |
| Faziabad Road | Rs.36,000 |
| Edelco Green, Vipul Khand | Rs.39,500 |
| Vijay Khand, Vipin Khand, Vishal Khand | Rs.33,500 |
| Gautam Palli, Gulistan Colony, Transport Nagar | Rs.28,000 |
| Rana Pratap Marg | Rs.29,000 |
| Gomti Nagar Phase 3, Gomti Nagar Extension, and more | Rs.30,500 |
| AP Sen Road | Rs.26,000 |
| Park Road, Mahatma Gandhi Marg, and more | Rs.27,500 |
| Gautam Budh Marg, Charbagh | Rs.25,000 |
| Ashiyana, Jiyamau, Srijan Vihar Colony | Rs.22,000 |
| Saket Palli, Pirpur Square, Bandriya Bagh, and more | Rs.22,500 |
| Darbari Lal Sharma | Rs.21,500 |
| Raibareli Road Yojna, Aishbagh, Eldeco, and more | Rs.19,000 |
| Havelock Road, La Martiniere Colony, and more | Rs.20,000 |
| Guru Nanak Market, Vrindaban Yojan | Rs.21,000 |
| Marutipuram | Rs.19,500 |
| Omaxe City, Alambagh | Rs.16,000 |
| Chinhat village to Satrikh | Rs.14,000 |
| Sultanpur Road and Shaheed Path | Rs.25,000 |
| Hardoi Road | Rs.20,000 |
| Chinhat village limit to Lucknow city limit | Rs.30,000 |
| Sitapur Road | Rs.39,000 |
| Sushant City, Sector F to I | Rs.15,000 |
How to Calculate Property Value in Lucknow Using the Circle Rate for Stamp Duty Payment?
To calculate the property value in Lucknow for stamp duty payment, you need to multiply the per square metre circle rate by the built-up area of the house. For example, if the property covers an area of 800 square metres and the circle rate is Rs 6,500 per square metre, the property's value would be Rs 52 Lakh. To determine the stamp duty, multiply the property value by the applicable percentage (8% for a man, 7% for a woman). Additionally, there is a registration charge of Rs 60,000. This method allows you to accurately calculate the property value in Lucknow and calculate the stamp duty based on the circle rate.Stamp Duty for Agriculture Land
Stamp duty for agricultural land involves submitting the paid stamp duty as a legal document and completing the registration process. In Uttar Pradesh (UP), buyers must pay a 7% stamp duty on the transaction cost. It's important to note that properties cannot be registered below the circle rates set by the government. Even if the property is registered below the circle rate, the buyer must still pay the applicable amount calculated based on the circle rate.Registry Charges in Lucknow
In Lucknow, registration charges are an essential component of property transactions. This charge is levied to register the property in the government records and transfer the title to the buyer's name. The registration charge is calculated as a percentage of the property value. The table below details the registration charges for different ownership scenarios in Lucknow.| Owner | Registration Charge (%) | Registration Charge (in Rupees) |
|---|---|---|
| Man | 1% | Rs 10,000 |
| Woman | 1% | Rs 10,000 |
| Man + Woman | 1% | Rs 10,000 |
| Man + Man | 1% | Rs 10,000 |
| Woman + Woman | 1% | Rs 10,000 |
What Are Factors on Which Circle Rates Depend?
The circle rate in Lucknow varies based on the following factors:
Market value: Typically higher than circle rates.
Usage: Commercial properties have higher rates than residential.
Amenities/Facilities: Developed facilities affect rates.
Property Location Posh neighborhoods have higher rates.
Form of Construction: Private properties have higher rates than government ones.
Areas are divided into groups (A to H) based on these factors, with category A having the highest values and opulent facilities, while category H represents areas with lower values.
What Is the Impact of Circle Rates on Taxation in Up or Lucknow?
Circle rates play a crucial role in property taxation in Lucknow, as they determine the property's minimum value for taxation purposes. Here how circle rates can lead to increased tax benefits for property buyers and sellers. -
Income Tax Act:
-
Compliance:
-
Government Decision:
Conclusion
As the circle rates vary based on factors, such as property size, location, amenities, and usage. One can calculate the property value for stamp duty payment by multiplying the circle rate with the property area. Additionally, knowing the registration charges is essential for completing property transactions. Circle rates also impact taxation, and it's crucial to comply with the regulations to avoid additional tax liabilities. Overall, staying informed about circle rates in Lucknow ensures accurate property valuation and a smooth mortgage loan process.FAQ
- What is the rate of UP Land Registry?
- What is the commercial registry rate in Lucknow?
- What is circle rate limit?
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