Circle rate & Market rate | What is the difference?

The terms "circle rates" and "market rates" are important to understanding property transactions. They play a pivotal role in determining the value of a property but differ significantly in their nature, purpose, and impact on real estate dealings.
Circle rates, also known as guideline values or ready reckoner rates, represent the rates set by the local authorities or state governments. Circle rates apply to different categories of properties within specific regions. It is a minimum value at which a property or land should be transacted.
They are crucial in determining various financial aspects of real estate transactions, such as stamp duty and registration charges. Circle rates vary within a city due to several factors.
Market rate, also known as transaction values or fair market value, are the actual prices at which properties are bought and sold in the open market. These rates are dynamic and can change frequently based on various factors.
To have a better understanding of these terms watch our video. Visit magicbricks website to know the circle rates of Delhi: www.magicbrick...