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News India Live, Digital Desk: Buying Property in Lucknow will be expensive: If you are planning to buy and sell land or house in Lucknow, then this news is very important for you. Recently, the circle rate in Lucknow has been huge increase, which will directly affect the prices of property. This change is going to bring a new round to the city’s real estate market.

What is circle rate and why rates increased?

First of all, we understand what the circle rate is. The circle rate is the minimum price on which the government registers any land or property. In simple words, it is the government rate of property decided by the government, so that you cannot register a property.

This time many reasons are being given in Lucknow to increase the circle rate:

• Fast development: Lucknow has developed rapidly in the last few years, including new roads, bridges and commercial centers.

• Increasing population and demand: The population in the city is increasing and along with this, the demand for housing and business property is also going up continuously.

• Lower rate than market value: In many areas, the real market value of the property was much higher than the government circle rate. Rates have been increased to reduce this difference.

Which areas will be affected the most?

The biggest impact of this increase will be seen on some major and posh areas. especially, Gomtinagar, area around Shaheed PathProperty prices will be affected in Indira Nagar, and other major residential and commercial areas. According to the report, the property prices are expected to be doubled on some premium locations!

Effect on both buyers and government:

• For buyers: When the circle rates increase, buying property becomes expensive because you have to pay stamp duty and registration fees at the increased government price. This will put additional financial burden on buyers.

• For the government: This increase will increase the revenue (revenue) of the government, which will give it more money for development works.

With this decision, some fluctuations can be seen in the real estate sector. While some people believe that it will increase transparency, some experts feel that this may slow the speed of the property market, especially in the initial stage. However, the real estate market is expected to remain strong in the long run in the city, which is developing rapidly.

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