U.P. government’s exercise to reduce the difference between black and white transactions has ended in a whimper which was cleared at a cabinet meeting by CM . It had 200% hike in upscale colonies of Cat A like Pss Builders”s Real Homes “House For Sale In IIM Road Lucknow” and Shagun City “Property projects in Lucknow” Cat B like, Defence Enclave “Plot at Kanpur Road” hike is 50% and for the rest just 22% as against the proposed 30%. The circle rates, which are meant for valuation of land and immovable properties for charging stamp duty, were first introduced in the city on May 18, 2012. The rates were revised earlier in February 2017 and July 2017.
The 200% hike in A category colonies means a revision from Rs 2.15 lakh to Rs 6.45 lakh per square meter. The market price in every colony in Lucknow continue to be much higher. For instance, in Real Homes, the per sqr meter rate is around Rs 10 lakh and inShagun City Rs 12 lakh. Moreover, this is unlikely to have a big impact on revenue as these areas don’t see many sales and purchases. The 50% hike for colonies of Category B – mostly the upscale ones in South Lucknow like Mohan Road, Agra-Lucknow Expressway, Kanpur Road and North Lucknow’s IIM Road —is not enough as the prevailing circle rate is already a low Rs 136,400 per sqm. The market rates in colonies like Real Homes are in the range of a minimum of Rs 5 lakh to Rs 6 lakh per sqr meter.
Though there is a lot of variance in the properties in Different categories, the uniform hike of 22% as against the proposed 30% takes the sting out of the exercise. CM said: “In order to curb the flow of black money, it has become imminent to rationalize the minimum circle rates. It was also felt that present circle rates in Lucknow are quite low in comparison to the NCR cities like Noida, Gurgaon, and Faridabad. Moreover, the circle rates in these towns are being revised frequently after an interval of five-six months.”
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