In Haryana, Punjab and Uttar Pradesh, circle rates are also known as collector rates or district collector rates. In Maharashtra, circle rates are known as ready reckoner rates. Various names are used across India, to denote circle rates. As cities are vast and the value of one area may be quite different from the value of another, the circle rates vary from locality to locality. District administrations are responsible for fixing a standard rate for land and other properties across the cities, below which a transaction cannot be registered. This is when circle rates come into the picture.
#Fontbase circle vs square registration
However, since each transaction is unique in some way or the other, the local authority has to apply varying yardsticks, to calculate the stamp duty and registration charges, at the time of property registration.
These two duties are the biggest sources of income for local authorities and the state. To provide this service, the office charges a stamp duty and a registration charge from the buyer. To legally own a property, a home buyer has to visit the local sub-registrar’s office and get it registered in his name. In this context, we talk about circle rates and the impact it has on your property purchase decision. Among these sources of revenue generation, services pertaining to property and related transactions are the most prominent ones. This is primarily achieved, by levying taxes on various services that they provide to citizens. Government bodies have to generate income, in order to function and carry out the activities they are responsible for.
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