Lucknow's Property Market Surge: New Circle Rates Unveiled

Property prices in Lucknow are poised for a significant increase of up to 25 percent, effective from Friday. This change follows the introduction of revised circle rates—which determine the minimum cost of a property for calculating stamp duty charges.

The recent revision marks the first adjustment in a decade. It introduces a 15-25 percent hike dependent on property area and type, according to Assistant Inspector General of Stamps Ramesh Chand. The rates for agricultural land have risen by 15 percent, while non-agricultural lands have seen a 20 to 25 percent increase.

Chand explained that the revision considers the area's potential, and parallels previous percentage increases from 2015. The rates are categorized based on location along roads and accompanying facilities, affecting both 'ordinary' and 'premium' classifications, significantly impacting real estate sectors in areas like Ashok Marg and Indiranagar.

(With inputs from agencies.)