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Understand and Access the Circle Rates of any area of India with the help of Valuation Intelligent System

 

 

The Circle Rate is the minimum price, at which the sale or transfer of immovable property can be registered before being sold or transferred, whether it is land, an apartment, a warehouse, etc.

To register the properties with the government, the circle rates must be determined first. These circle rates are often revised to keep up with market conditions.

The term “Circle Rate” is called by different names across different regions of India. For instance, In Maharashtra, circle rates are known as Ready Reckoner Rates. In Haryana, Punjab, and Uttar Pradesh, circle rates are also known as Collector Rates and District Collector Rates. In Karnataka, circle rates are also commonly called Guidance Rates.

 

Why do Circle rates Vary within a City?

 

The Variation of Circle Rates depends on the actual location and what type of amenities it offers in the market compared to other properties. That’s why the circle rates do not only differ from city to city within a state, but also from locality to locality, project to project, and building to building as well. 

Let’s take 2 examples, Like a property has a 20-meter-wide road and another property has a 40-meter-wide road, then both properties will have different circle rates. If a shop is on the main road and another shop is far from the main road, then both properties will have different circle rates.

In addition to this, the circular rate of the locality, among these things, makes the locality popular as a real estate hotspot as well.

 

Why is there any need for Circle rates?

 

A state government will usually charge stamp duty and registration charges based on the circle rate value or guideline value, of the property being transacted. A woman in Faridabad for example would have to pay a 5% stamp duty on her purchase, while a man would have to pay a 7% stamp duty and if the purchase was made by a man and a woman together, they would have to pay a 6% stamp duty.

In addition to stamp duty, a registration fee usually varies between one and one percent of the value of the property (for registering the property document or sale deed). 

Since the market rates of properties in India are usually higher than the circle rates defined by authorities, transactions are typically undervalued in order to save on these charges. Also, the seller can do this to hide her actual capital gains, and thus avoid paying capital gains taxes. Increasing circle rates to bring them closer to market rates is one way to ensure these issues will be resolved. However, there are repercussions to such actions. The government loses out on revenue collection, and under-reporting allows for the use of black money.

 

How will VIS help you in finding the Circle rate of any area?

 

VIS stands for “Valuation Intelligent System”. It is a platform that is the whole and the sole solution for everyone to find out the circle rate of any area they want in a single click. The VIS is a platform that is the first valuation system in India to do such a thing.

Since the circle rates that we provide are authentic and provided directly to our users by redirecting them to state government websites, the genuinity of every area’s circle rate is always accurate which any user can trust.

For Example, if a user came to our VIS, and attempted to find out about the circle rates in Agra. The user will click on Uttar Pradesh in the given states and union territories, the user will be redirected to the Uttar Pradesh Stamp & Registration Website from where they can access the circle rates for each area of Agra with a single click.

In this process, any user can use VIS whenever they want to access the circle rate of any area in India, they will be redirected to the page that always provides the most valuable information for the user.