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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 that are determined for the various localities in 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.
Now, circle rate or 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.
In Lucknow, stamp duty is differs depending on whether the property is bought in the name of a male or female.
Do note that if the property is worth more than Rs.10 lakh, then even women pay stamp duty at a 7% rate.
Once you know the circle rates in Lucknow, you can find out the value of a property. Here’s how:
Use the information to find the property value:
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 a loan against property from Bajaj Housing Finance at a competitive rate of interest and for a flexible, 18-year tenor. All you need to do to obtain ample funds is meet the eligibility terms, keep the documents ready, and maintain your property in the best of shape.
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Last update on 11-Mar-2021
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