Land becomes expensive in Gorakhpur, UP, know new rate?

Gorakhpur: Property prices are increasing in Gorakhpur, Uttar Pradesh, and the reason for this is significant changes in the stamp rules. These changes are not only affecting the pricing of the property, but also causing some new challenges in the process of purchasing. Now with the increase in the prices of land and flats, the rates of stamp duty have also increased.
Increase in prices of agricultural land
An important change has been made in the prices of agricultural land in Gorakhpur. Now, if any agricultural land is located within 50 meters of the boundary of urban, semi -oriented or rural areas, where residential activity, plotting or colony is being developed, its price will increase by up to 60 percent. Earlier this rate was 50 percent, which will increase the prices of land further.
In addition, if the land falls in more than 50 meters and radius up to 200 meters, it will be evaluated 40 percent more. Earlier this rate was 30 percent. The effect of these changes will be more on areas where new colonies and residential areas have developed in the last few years. This will increase pressure on those who were thinking of selling their land, because prices will increase.
Increase in stamp duty
The biggest change in the property market of Gorakhpur has been in stamp duty. Now, stamp duty has increased by up to 50 percent on the plots located near business activities. Earlier, these plots used to look at the same stamp duty as residential area, but now this rate has increased significantly. This means that if you are going to buy land or property at a place that is near market, shopping complex or other business areas, then you will have to pay more stamp duty.
Additionally, if there is a park facility in front of the house or plot, now you have to pay 20 percent additional fee, which was 10 percent earlier. Similarly, if the land is located on the corner, that is, there is a way from two sides, then you will have to pay 20 percent additional fee, which was 10 percent earlier. If the plot is on the corner and the park facility is also available, then you will have to pay an additional fee of 30 percent.
Increase in flats prices
The prices of flats will also increase under the new changes, especially on the flats whose super area is more than 600 sq ft. If the super area of ​​the flat is between 600 to 1200 sq ft, it can increase by 20 percent. If the area of ​​the flat is between 1200 to 2000 sq ft, then 30 percent more fees will have to be paid, and this fee can increase by 50 percent at flats of more than 2000 sq ft.