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Circle Rates in Allahabad

Circle Rate in Allahabad

Allahabad, now known as Prayagraj, is a city rich in history, cultural events like the Kumbh Mela, and landmarks like the Ganges. If you're planning to buy property in this city, it's important for you to understand what the circle rate is.

Circle rates, or guidance values, are the minimum price at which property transactions must be registered with the government. These rates are revised periodically to reflect current market trends and economic conditions. Circle rates are used to calculate stamp duty and registration charges during property transactions, ensuring transparency and fair pricing in real estate deals.

Circle rate list in Allahabad

Allahabad’s land circle rate list is as follows-

Area	Price range per sqft in Rs
Kydganj	2,920
Lukarganj	5,143
Jhusi	1,111 – 4,024
Civil Lines	3,941 – 9,655
Naini	2,083 – 4,370
Alopibagh	6,878
Dhumanganj	4,000
Jhalwa	3,150 – 3,770
Preetam Nagar	4,000 – 4,024
Sulem Sarai	3,365 – 4,135
Ashok Nagar	6,793
Dandi	2,564 – 2,732
New Mumfordganj	5,000 – 6,977
Lucknow Road	3,300 – 3,800
Allahpur	5,978 – 6,000

Circle rates for commercial and residential property in Allahabad

In Allahabad, commercial properties have higher circle rates than residential properties. For example, Civil Lines, the main commercial area, has an average rate of Rs. 7,617 per square foot. In comparison, residential areas like Alopibagh have a lower rate of around Rs. 5,989 per square foot.

However, residential property rates also depend on the location. For instance, Ashok Nagar, a prime residential area, has a circle rate of Rs. 6,793 per square foot. The higher rates for commercial properties are due to their business potential and higher demand.

Circle rates for agricultural land in Allahabad

Circle rates for agricultural land in Allahabad are lower than those for commercial or residential properties. Agricultural land, primarily used for farming, does not attract the same demand or value as urban properties.

However, proximity to growing urban areas or infrastructure projects can increase the circle rate. Despite this, agricultural land typically remains more affordable, reflecting its primary use for farming and rural activities.

Circle rates in Allahabad according to age factor

No matter if it’s commercial, residential, or agricultural, the age of the property greatly impacts its circle rate. Older properties often have lower circle rates because they show signs of depreciation, wear and tear, and outdated designs. Buyers usually find these properties less attractive, which further lowers their market value.

In contrast, newer properties have higher circle rates due to modern amenities, better infrastructure, and desirable locations. These factors make new properties appealing to buyers, resulting in higher circle rates.

How to calculate the circle rate in Allahabad using the circle rate for stamp duty payment

The circle rate in Allahabad is key to determining stamp duty and registration charges during property transactions. To calculate the property value for stamp duty, use this formula-

Property Value = Circle Rate per square foot/meter × Total built-up area of the property

Once you have the property value, you can calculate stamp duty as a percentage of this value. Remember, circle rates vary based on property type, location, and other factors, which directly impact the stamp duty payable.

Consulting with real estate developers or brokers can help you estimate a property's current market value based on circle rates.

Formula for Calculating Property Value

To calculate the property value using the circle rate in Allahabad, use the following formula:

Property Value = Circle Rate per square foot/meter × Total built-up area of the property

What do Allahabad’s circle rates depend upon?

Several factors influence circle rates in Allahabad-

Infrastructure- Well-developed infrastructure, like roads and public amenities, increases property values.

Location- Properties near popular landmarks or in prime areas have higher circle rates.

Property type- Different property types, like residential, commercial, and agricultural, have varying circle rates.

Market demand- High demand for properties in certain areas drives up circle rates.

Age factor and its impact on circle rates in Allahabad

The age of a property significantly influences its circle rate in Allahabad. Newer properties tend to have higher circle rates due to their modern amenities, better infrastructure, and higher market demand. Buyers are generally more attracted to newer buildings, which increases their value.

In contrast, older properties usually have lower circle rates as they may lack updated features or require repairs. However, older properties in prime locations can still maintain a good circle rate, as the location plays a key role in property value, even if the building itself is older.

Understanding the significance of circle rates in Allahabad for real estate transactions

Circle rates play a critical role in real estate transactions in Allahabad. For buyers, higher circle rates mean higher stamp duty and registration charges, while for sellers, it ensures a minimum property value. It is important to check the circle rate before buying a property, as it sets the benchmark for the transaction. Additionally, financial institutions use circle rates to assess home loan eligibility and determine the maximum loan amount they can offer, making it a key factor in real estate dealings.

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Circle Rate in Allahabad