What is a Circle Rate of a Real Estate Property in Delhi?
New Delhi (Delhi, India), Nov 08, 2016
Circle rate is the minimum rate for valuation of land, independent house or flat in a neighborhood or a particular locality. The circle rate differs for various categories of colonies. The Department of Revenue of the State decides circle rates for properties in Delhi.
Circle rates for sale and purchase of properties in a particular area are finalized considering the available infrastructure and other parameters. The decision to significantly increase circle rates for all colonies across the city of Delhi Government may cause increase in property prices.
Usually, the properties are registered in Delhi rate circle. Therefore, stamp duty and registration fee, which is calculated as a percentage of the price of a part, will increase now.
Only the demand and supply of property in this area drive the real market price. Rate property of a circle is simply a pointer property prices. However, property buyers, it will now be difficult to raise higher mortgages, such as banks for mortgages generally use circle rates as a gauge of real estate prices in New Delhi.
The reason for the notification to a specific circle rates in a given area was to simplify the assessment of stamp duty and bring transparency and efficiency of property registration process in Delhi and earn extra income.
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