The circle rates for lands, shops and residential properties have now been revised by Kanpur District Administration. The increase ranges from 7 to 20 percent. The new rates are effective for Monday after DM Rakesh Singh’s approval of the proposal on Sunday night.
This change has been brought about after the circle rates in Kanpur being stagnant for nine years. While there were many proposals in this regard over the years, they were always shelved.
As per the revised rates, circle rates for commercial land have risen by 15 to 20 percent, residential land rates by 10 to 15 percent and agricultural land by a relatively modest rise ranging from 7 to 10 percent.
Now, areas like Civil Lines, Swaroop Nagar and Saket Nagar have the highest land prices in the city.
What is circle rate?
Circle rate is known as reckoner rate or guidance value. It is the minimum price at which a real estate property can be sold to a buyer. The rate can change from time to time depending on factors like locations and market trends.
