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Circle Rates in Uttar Pradesh

Circle Rate in Uttar Pradesh

Uttar Pradesh is one of the largest states in our country. Today, it attracts many homebuyers due to increasing development and growth in its cities, including Kanpur, Lucknow, and Allahabad (now Prayagraj).

However, before buying a property in UP, you must know about the circle rates in UP. The circle rate, also known as the guidance value, represents the minimum price at which property transactions are registered with the government. Authorities periodically revise these rates to reflect current market trends and economic factors.

Additionally, the circle rate plays a crucial role in calculating important charges, such as stamp duty and registration fees, during property transactions.

UP circle rate list

Every city in UP has different circle rates based on location, infrastructure, and market demand. For instance-

1. Noida- A prime city with a strong corporate presence, Noida has some of the highest circle rates in the state. For example, in Sectors 14, 16, 17, and 18, the circle rate for properties along roads wider than 24 metres is around Rs. 1,19,000 per square metre, whereas, in Sectors 66, 102, and 138, it's Rs. 46,000 per square metre.

2. Agra- The circle rates in Agra are lower compared to Noida. For example, properties near Hanuman Nagar and Awadhpuri Tiraha have a rate of Rs. 28,000 per square metre.

3. Meerut- Known as a metropolitan city, Meerut's circle rates vary but tend to be lower than cities like Noida and Agra. For instance, residential plots near Rohta Road have a rate of Rs. 4,417 per square metre, while in Meerut Cantonment, it's Rs. 2,657 per square metre.

Circle rates for commercial and residential property in UP

Circle rates for commercial properties in UP are generally higher than for residential properties. This is because commercial space attracts higher demand due to its income potential. Each city has different circle rates depending on factors like location and property type.

For example, in Gorakhpur, the circle rate for residential properties in Civil Lines is Rs. 60,000 per square metre, whereas for commercial properties in Gorakhpur Cantonment, it's Rs. 80,000 per square metre. Residential property prices also depend on the location and the quality of infrastructure available in the area.

Circle rates for agricultural land in UP

The agricultural land circle rate in UP is usually lower than residential or commercial property rates. Agricultural land is primarily used for farming, so it has less demand compared to urban land.

However, areas near expanding cities or development projects may see a rise in rates. For example, if agricultural land is close to infrastructure projects, the circle rate might increase due to potential future development.

Despite these factors, agricultural land remains more affordable than residential or commercial properties in UP.

Circle rates in UP according to age factor

Whether commercial, residential, or agricultural, a property's age significantly impacts circle rates in UP. Generally, older properties carry lower circle rates due to depreciation and wear and tear, making them less appealing to buyers and further decreasing their value.

In contrast, newer properties enjoy higher circle rates. Their modern amenities, updated infrastructure, and prime locations attract buyers, increasing their circle rates.

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

The circle rate helps determine the property value for calculating stamp duty and registration fees. Here’s the formula to calculate property value-

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

By multiplying the circle rate with the total built-up area, you can calculate the property value. The stamp duty is then calculated as a percentage of this value. The circle rate may vary depending on the property type and location.

Formula for calculating property value

To determine the property value using the circle rate in UP, use the following formula-

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

What factors influence Uttar Pradesh's circle rate

Several factors influence the circle rates in UP-

Infrastructure- Areas with well-developed infrastructure, like roads, schools, and hospitals, have higher circle rates.

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

Property Type- Circle rates differ for residential, commercial, and agricultural properties.

Market Demand- High demand in specific areas drives up circle rates.

Age factor and its impact on circle rates in UP

The age of a property directly affects its circle rate. Newer properties usually have higher rates because they offer modern amenities, better infrastructure, and attractive designs, which appeal to buyers.

In contrast, older properties often have lower circle rates, particularly if they lack updates or show signs of wear. However, older properties in desirable locations may still hold competitive rates, even if they need renovations.

Understanding the significance of UP land circle rates for real estate transactions

The circle rate plays a vital role in real estate transactions in UP. It sets the minimum property value, ensuring transparency and preventing undervaluation.

For buyers, a higher circle rate means higher stamp duty and registration charges, while for sellers, it guarantees a minimum value. Knowing the circle rate is essential before any property transaction, as it directly impacts the costs involved.

Financial institutions also use circle rates to assess home loan eligibility and determine the maximum loan amount they can offer, making it a key factor when applying for a home loan.

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Circle Rate in Uttar Pradesh