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What are Ready Reckoner Rates? Significance of Ready Reckoner/Circle Rates

What are Ready Reckoner Rates? Significance of Ready Reckoner/Circle Rates The minimum value at which a property has to be registered in the case of its transfer, is called the Ready Reckoner rate, which is also known as circle rate. To avoid evasion of stamp duty through the undervaluation on agreements and to minimise the disputes on the quantum of stamp duty, all state governments publish area-wise ready reckoner rates of properties, on a yearly basis. What is the significance of Ready Reckoner/Circle rates? The Ready Reckoner (RR) rate, as it is referred to in Mumbai, is also known as the Circle Rate in Delhi. This rate is the government’s estimate of minimum property values in various locations. The rate differs in every state, city and in different localities in those cities. Authorities determine the price of real estate in a particular locality, based on several factors. Based on these factors, a benchmark is set, below which no property transaction can take place in that particular locality. This benchmark is known as the Ready Reckoner/Circle rate. It is the minimum price on which the government will charge stamp duty and registration fees. The RR rates are typically lower than the current market rates of properties in a particular area. The rate is reviewed periodically and revised, to bring it closer to market rates. As real estate transactions take place in the private realm and the price is often not disclosed, state governments need a benchmark, to ensure that they do not lose out on an important source of revenue. #ReadyReckonerRates #Hyderabad #Regrob #Realestate #Buying #selling #residential #commercial #RealestateTelangana #Telangana #HyderabadRealestate #flats #apartments #home #house #flatsforsale #apartmentsforsale #2bhk #3bhk #househunting #homesforsale #villa #independenthome #residentialproperty #residentialprojects #commercialproperty #commercialprojects #realestateindia #realestateinvestment #Realty what is ready reckoner, ready reckoner 2021, how to calculate ready reckoner rate, ready reckoner example, ready reckoner rates pune, ready reckoner rate maharashtra 2021, ready reckoner rate mumbai 2021, ready reckoner maharashtra 2021, ready reckoner rate telangana, ready reckoner rate hyderabad