look news india
A very big and important news related to the property market and real estate is coming out from Kanpur, the major metropolis which is called the industrial and business center of Uttar Pradesh. If you are also planning to buy land, house, shop or a new flat in Kanpur, then this news is very special for you. Kanpur administration and stamp department have made full preparations to amend the new circle rates in the metropolis. Under this new change, there may be an increase of 5 to 10 percent in the prices of land, houses and shops in the city. However, this time many special provisions have also been made in the proposal to provide relief to the general public and big investors, under which premium flats and houses with modern facilities will be expensive, while huge discounts will be given on large plots and old buildings. Let us know in detail what changes are going to happen in this proposal of new circle rate of Kanpur and what effect it will have on the pockets of the general public.
Circle rates may increase by 5 to 10 percent in Kanpur, know what is the complete proposal
The revised format of the standardized assessment list has been sent to the District Magistrate and AIG Stamp by the Inspector General of Registration. Now the final decision on this will be taken at the district level keeping in mind the local needs and market trends.
Proposals for new circle rates are being prepared by the Sub Registrar Office according to different areas of Kanpur. Suggestions and objections will be sought from the general public on these proposals, and after disposal of the objections, they will be implemented in the entire city with the final permission of the District Magistrate. This entire process is likely to take about a month. After the implementation of the new changes, buying land and house in Kanpur may become a bit expensive, because circle rates are set to be increased by 5% to 10% in many areas of the city.
Premium flats and houses with modern facilities will be expensive
The trend of multi-storey buildings and luxury projects has increased rapidly in the real estate market of Kanpur in the last few years. Keeping this in mind, the administration has made preparations to tighten the noose on high-end and premium projects and increase revenue.
According to the new proposal, there will be a special increase in the circle rates of apartments and societies which have swimming pool, modern gymnasium, club house and other luxury facilities. That is, if you are planning to buy a premium flat equipped with all the amenities in a posh area of the city, then you may have to pay more stamp duty and price than before. The Administration believes that for the development of the city and expansion of infrastructure, it is necessary to evaluate such premium and commercial areas closer to the actual market value.
Bumper discount will be available on large plots (Residential & Industrial Plots)
On one hand, the prices of small and premium projects will increase, while on the other hand, the relief news for investors and common people buying large plots is that the government has announced a special discount on large areas.
-
Exemption on residential plots: If a person buys a plot of land measuring 1,000 to 2,000 square metres, there will be no discount on the first 1,000 square metres, but after that a straight 20% discount will be given on the circle rate for the remaining area. At the same time, on plots measuring 2,000 to 3,000 square meters, there is a provision of no discount on the first 1,000 square meters, 20% discount on the next 1,000 square meters and a huge discount of up to 25% on the remaining area.
-
Relief on industrial plots: On plots measuring 500 to 2,000 square meters in KDA, Housing Development, UPSIDA or other industrial areas, there will be a discount of 30% on the remaining area after the first 500 square meters. Similarly, on industrial plots ranging from 2,000 to 6,000 square meters, a huge discount of 30% will be given on the next 2,000 square meters except the initial 500 square meters and up to 40% on the remaining portion.
New rules set for commercial plots and offices
To promote business activities and to provide relief to small and big offices and institutions, clear rules have also been made in the valuation of commercial plots.
If a person buys land or property for an office, bank, corporate office or private clinic, the standard rate fixed up to 50 square meters will be applicable, while the percentage of discount on the remaining area above this will be decided at the local level. Similarly, for commercial activities like hotel, lodge, restaurant, dhaba, nursing home, petrol pump, club and coaching centre, standard rate will be applicable up to 100 square meters and exemption will be provided on the remaining area above that as per rules.
Big relief to landlords of old buildings and areas with less wide roads
This revised proposal has brought a big relief to the people living in the old densely populated areas of Kanpur like Collectorganj, Gwaltoli, Sisamau or Anwarganj.
-
Relaxation according to age of building: Till now there was no clear relief regarding the valuation of old buildings, but under the new rules, there will be direct relaxation in circle rate based on the age of the building. If the building is up to 20 years old, there will be no discount, but a huge discount of 20% will be given on the circle rate for 20 to 30 years old buildings, 30% for 30 to 40 years old buildings, and up to 40% on circle rates for 40 to 50 years old buildings.
-
New scale of road width: Earlier, circle rates were mainly decided on the basis of roads wide from 9 to 18 meters or more, which put buyers of houses built on narrow streets and small roads at a disadvantage. Now, separate and relief categories have been created for plots, flats and houses facing a road less than nine meters wide (like 4 meter to 8 meter and 8 to 12 meter roads), which is expected to provide huge financial relief to the residents of old settlements.