Property Registration Charges in Lucknow-Banner_WC
Property Registration Charges in Lucknow_WC
To be able to register your property, you need to pay the stamp duty and property registration charges in Lucknow. The stamp duty calculation depends on the circle rates which are determined for the various localities in the city of Lucknow by the government of Uttar Pradesh. Knowing the circle rate in Lucknow, the property registration charges, and more about the idea of stamp duty is essential if you are entering into any real estate transaction.
When you purchase a new property, you are required to pay the government a tax called stamp duty. This enables you to establish ownership of the property. Stamp duty is charged considering the relevant circle rate in question.
Circle rate or the ready reckoner rate is the minimum value below which a property transaction cannot occur. Think of the circle rate as the minimum value the government sets for the property.
Suppose the circle rate for a flat is Rs.30 lakh and the transaction value is Rs.40 lakh, stamp duty will be calculated on the higher amount, that is, on Rs.40 lakh. Currently, stamp value in Lucknow is charged at a 6–7% rate.
Apart from stamp value, you need to pay a property registration charge to register your property at the relevant sub-registrar. Property registration charges in Lucknow are levied at a 1% rate on the property value.
The circle rate in Lucknow varies as per the locality. In more premium areas the circle rate is higher. The current circle rates in Lucknow range from Rs.14,000 per sq. m. in areas like Chinhat village and Satrikh to Rs.76,000 per sq.m in areas like Hazratganj Chauraha and Mahatma Gandhi Marg. You can access a list of circle rates in Lucknow through various online resources.
In Lucknow, stamp duty differs depending on whether the property is bought in the name of a male or a female buyer.
|Buyer||Stamp duty rate|
|Joint (Male + Female)||6.5%|
|Joint (Male + Male)||7%|
|Joint (Female + Female)||6%|
Once you know the circle rates in Lucknow, you can calculate the value of a property. Here is how:
- Determine the property’s built-up area
- Determine the property type and locality, and find the circle rate
- Use the formula given below to find the property value:
Property value = Built-up area (in sq. m.) X circle rate for the locality (in Rs./sq. m.)
Knowing your property’s value is essential if you want to sell it, or even use it as collateral to raise funds. For instance, you can avail of a Loan Against Property from Bajaj Housing Finance at a competitive rate of interest and a flexible 18-year tenor. All you need to do to avail of funds is meet the eligibility terms, keep the documents ready, and maintain your property in its best shape.
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