A circle rate is the minimum rate for valuation of a plot, independent house, or flat in a particular area or locality. The circle rate differs for various categories of colonies. The state revenue ministry decides the circle rates for the real estate properties in Delhi.
Definition of the Circle Rates for the Residential Properties in Delhi
New Delhi (Delhi, India), October 14, 2015
A circle rate is the minimum rate for valuation of a plot, independent house, or flat in a particular area or locality. The circle rate differs for various categories of colonies. The state revenue ministry decides the circle rates for the real estate properties in Delhi.
The circle rates for sale and purchase of properties in a particular area are finalized considering the available infrastructure and other parameters. The Delhi government’s decision of significant increase in circle rates for all colonies across the city may result in rise in property prices. Usually, the properties in Delhi are registered at the circle rates. Therefore, the stamp duty and registration fee, which is calculated as a percentage of the registered price of a property, will increase now.
Only the demand and supply of a property in that area drive the actual market price. Circle rate of a property is just a pointer of property prices. Nevertheless, buyers of properties will now find it unproblematic to raise higher home loans, as banks or mortgagers typically use circle rates as a gauge of the property prices in Delhi.
The reason for the notification for a specific circle rate in a given area was to simplify the assessment of stamp duty and bring in transparency and efficiency in the property registration process in Delhi and to earn additional revenue.
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