When looking to buy a new home in Lucknow, it is crucial to be aware of the city's current circle prices. The government has adjudged a minimum value for real estate dealings and property registration known as the circle rate of Lucknow. It is essential to know the current circle rates because they are used to assess the stamp duty as well as the registration fees at the time of purchasing a property. Additionally, depending on the location and the area of the land, the circle rates can change from one region to another.
LIST OF AREAS |
LUCKNOW CIRCLE RATE IN SQ FT/MTR |
From Chinhat village to Satrikh |
Rs.14,000 per sq. m. |
Sultanpur Road and Shaheed Path |
Rs.25,000 per sq. m. |
Hardoi Road |
Rs.20,000 per sq. m. |
Faizabad Road |
Rs.30,000 per sq. m. |
Sitapur road |
Rs.39,000 per sq. m. |
From Subhash Marg Medical College to Charbagh Tiraha |
Rs.31,000 per sq. m. |
From Telibagh Nagar to PGI Nagar Nigam limit |
Rs.31,000 per sq. m. |
From Guru Govind Singh Marg Hussainganj Chauraha to Naka Chauraha |
Rs.31,000 per sq. m. |
From Charbagh Station to Awadh Hospital |
Rs.55,000 per sq. m. |
From Kaiserbagh Chauraha to Charbagh |
Rs.55,000 per sq. m. |
From Singar Nagar Chauraha to Hydel Chauraha |
Rs.55,000 per sq. m. |
Mahatma Gandhi Marg |
Rs.76,000 per sq. m. |
From Hazratganj Chauraha to Kalidas Marg Chauraha |
Rs.76,000 per sq. m. |
Vibhuti Khand |
Rs.40,000 per sq. m. |
Faizabad road |
Rs.36,000 per sq. m. |
Vipul Khand |
Rs.39,500 per sq. m. |
Vijay Khand |
Rs.33,500 per sq. m. |
Gautam Palli |
Rs.28,000 per sq. m. |
Rana Pratap Marg |
Rs.29,000 per sq. m. |
Gomti Nagar |
Rs.30,500 per sq. m |
AP Sen road |
Rs.26,000 per sq. m. |
Park road |
Rs.27,500 per sq. m |
Gautam Budh marg |
Rs.25,000 per sq. m. |
Srijan Vihar Colony |
Rs.22,000 per sq. m. |
Saket Palli |
Rs.22,500 per sq. m. |
Darbari Lal Sharma |
Rs.21,500 per sq. m. |
Raebareli Road Yojna |
Rs.19,000 per sq. m. |
Havelock road |
Rs.20,000 per sq. m. |
GuruNanak Market |
Rs.21,000 per sq. m. |
Marutipuram |
Rs.19,500 per sq. m. |
Omaxe City |
Rs.16,000 per sq. m. |
Butler Palace Colony |
Rs.18,000 per sq. m. |
Sushant City |
Rs.18,500 per sq. m. |
Sarojini Naidu Marg |
Rs.15,500 per sq. m. |
Vindsor Palace |
Rs.16,500 per sq. m. |
Below mentioned are the steps to calculate the value of a property using the respective circle rate:
The first step is to find out the property’s built-up area
Next, locate the property’s age, facilities offered, and other factors
Finally, specify the property type
After finding out all this information, use the below mentioned formula to calculate the value of the property:
Land Value = Built-up area of the property (in sq. m.) X locality's circle rate(in Rs. per sq. m.)
To illustrate, if the property is spread across an area of 5,000 sq. m. and the circle rate in Lucknow where the property is located is Rs 20,000 per sq. m., the value of the property will be:
5,000 x Rs. 2,000 = Rs. 1 crore
The circle rate reflects the state-imposed minimum rate below which property or land cannot be sold. There are a lot of factors that affect the circle rates in Lucknow. Following are some of these factors that a potential property buyer and others in the real estate market must be aware of:
The property’s area or location
Potential age of the structure
The property’s amenities offered by the builder
How the property is used: for residential purpose or commercial
Type of the property – whether it is an apartment, villa, flat etc.
If you are willing to purchase a property in Lucknow, it is imperative to have a complete understanding of what the current circle rates of the city are, what it stands for, and how to calculate the property value using the circle rate.
Purchasing a property is a big decision, one that often involves a lot of expenses. In addition to the cost you will have to incur to purchase the said property, you will also have to bear certain expenses such as stamp duty charges, and registration fees. The latter is estimated based on the prevailing circle rate in the area where you wish to purchase the property. Thus, if you are looking to purchase property in Lucknow, the circle rates mentioned in this article will help you estimate how much of a housing loan you will require. You can visit the Bajaj Markets portal and check out the lucrative interest rates for home loans offered by our lending partners.