Potential homebuyers in Lucknow need to be aware of the circle rate before investing. They have to pay registration charges and stamp duty to get the property legally authorised. The Uttar Pradesh government usually fixes the circle rate in Lucknow.
This circle rate of a locality indicates the minimum price at which a real estate property transaction occurs. Here the rate of properties in Lucknow varies from areas and sq meter to sq feet.
Individuals planning to purchase property in Lucknow can benefit from the knowledge about circle rates of this city in 2020.
Circle rate in Lucknow
The circle rate in Lucknow are-
- Awadh Hospital to Charbagh Station; From Hydel Chauraha to Singar Nagar Chauraha; From Charbagh to Kaiserbagh Chauraha – Rs.55,000
- Hazratganj Chauraha to Kalidas Marg Chauraha, Mahatma Gandhi Marg- Rs.76,000.
- Hardoi Road- Rs.20,000.
- Faizabad Road (Chinhat village to Lucknow city limit)- Rs.30,000.
- PGI Nagar Nigam to Telibagh Nagar; Charbagh Tiraha to Subhash Marg Medical College and Naka Chauraha Guru Govind Singh Marg Hussainganj Chauraha – Rs.31,000.
- Sultanpur Road, Shaheed Path- Rs.25,000.
- Sitapur Road- Rs.39,000.
- Chinhat village to Satrikh- Rs.14,000.
As per recent data, circle rate for apartments, flats or multi-storey buildings in Lucknow can vary in rates between Rs.18,000 per sq metre and Rs.26,000 per sq metre.
What are the factors that affect the circle rate in Lucknow?
The factors that affect Lucknow circle rates include the following-
- Amenities.
- Property age.
- Property type- flat or plot.
- Location.
- Convenience of occupancy.
Understanding circle rates is crucial when looking to opt for a loan against property. The lenders give more value to a residential property than a commercial one. Hence, during circle rate evaluation, opting for a residential property mortgage loan is lucrative.
Factors a land buyer must know regarding circle rate
- Fixed obligation
The circle rate is considered as the minimum value considered by Indian government. No transfer or property sale can take place below this established level. The seller and buyer of a property has to follow this rule and market price before making a transaction.
- Market rate
An individual planning to avail a loan on property must consider the existing market value of the property owned. This would help in availing substantial funds from the mortgaged land. The difference between a circle rate and market rate is what a borrower must consider before they begin to know about a loan against property.
Apart from considering these two points, potential borrowers must know the formula for calculating property value using a circle rate. In this regard, using a land area calculator will prove beneficial. Moreover, figuring out the things needed to know before applying for a loan against property would streamline the application process.
It is a fact that higher circle rates increase the price of a property. Hence, land buyers need to follow a structured saving pattern for real-estate investments. A sustainable financial source in this regard can be availing a LAP loan.
Renowned financial institutions offer up to Rs.3.5 crore as LAP proceeds with minimal documentation. They also provide pre-approved offers on products like home loan, loan against property, etc. Check your pre-approved offer by entering your full name and contact number.
Hence, an individual must be aware of the changes introduced in the circle rate in Lucknow 2020 for better borrowing. This would help them gain the maximum value of the mortgage when availing a LAP.