Circle Rate in Lucknow

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.

Current Circle Rate List in Lucknow 2022

Steps to Calculate Property Value Using the Lucknow Circle Rates Online

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

Factors Affecting Circle Rates in Lucknow

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.

Conclusion

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.