• Source:JND
Add as a preferred

The implementation of revised circle rates for land, houses, shops, and flats in Kanpur is now expected to take place in September, as the proposals for a 25–30 per cent increase are yet to be finalised. Officials are also yet to reach an agreement on introducing two separate categories of circle rates for flats.

According to officials, the proposals will be finalised by August 12, after which public objections will be invited and addressed before the new rates are implemented. The circle rate, which determines property valuation for registration, forms the basis for calculating stamp duty, currently set at 7 per cent of the property’s value. Women buyers receive a 1 per cent concession on property purchases up to Rs 1 crore.

ALSO READ: Supreme Court To Hear Plea Seeking Jammu & Kashmir Statehood Restoration On August 8

The SDM and Sub-Registrar had jointly prepared the draft proposals, which were sent to the District Magistrate. The DM directed that circle rates be aligned with the current market value of land in both new and old colonies, as well as plots under KDA and Awas Vikas schemes.

Although the revised rates were initially proposed for implementation from August 1, the process has been delayed. AIG Stamp Shyam Singh Visen noted that last year’s hike came into effect on September 2, and this year’s implementation is also likely around the same time. ADM Finance Vivek Chaturvedi said that while there has been some delay, efforts are on to roll out the new rates from September 1.

ALSO READ: BIGHIT Shuts Down Rumours Of BTS Participation In Michael Jackson Tribute Album: ‘The Group Is Not…’