Revised Circle Rates may Hike Realty Prices and Stamp Duties for Properties
Lucknow Development Authority (LDA) records show that a large number of people are yet to get their properties registered. The revised circle rates by District magistrate (DM) have put an impact on the realty prices in the open market but also add to the burden of people who are yet to pay the stamp duties for the property bought years ago.
Allottees in ambitious projects like the River View apartments in Gomtinagar extension will be worst-hit. Stamp duties of this apartment was Rs 18,000 per sq mts which will go up to Rs 22,000 per sq mts.
Any further delay in the project will further push an additional stamp duty burden on allottees who are yet to get the possession of the apartments. More importantly, this will further spike up the resale prices of the apartments in the locality. LDA records show that a large number of people are yet to get their properties registered.
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