[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.
Here I have important INDIA real estate news to share with you which is as mention under.
New Delhi: The average market prices quoted by developers across major Indian cities are
6 percent to 75 percent higher than the government-prescribed circle rates, the value at
which stamp duties are paid and properties are registered, said real estate consultant
The report comes in the background of heavy speculation that the developers might be
forced to reduce their prices in view of high bank dues and unsold inventory and an
economic slowdown due to two-month nationwide lockdown.
Circle rates, guidance values or ready reckoned (RR) rates is the value set up by the state
government below which a property cannot be registered. Each area within a city has its
own ready reckoner rate on which the stamp duty is collected.
"In a significant trend seen in the Indian housing sector over the last five years, the latest
data points towards a reduced difference between the ready reckoner (RR) rates and the
actual market prices in the primary (sale by the developer) segment in the top cities,
" Anarock said in a statement.
Difference between avg market prices, circle rates
Anaraock said its research data shows the difference between circle rates and average market
prices, which was as high as 100% in certain localities of Mumbai, Pune and Gurugram in
2015, presently stand at a mere 6 percent variation.
In Mumbai, average market prices in Lower Parel are 6 per cent higher at Rs 34,660 per sq
ft compared with the RR rate of Rs 32,609 per sq. In Worli, the market value is Rs 38,560
per sq ft while the circle rate or RR rate is Rs 35,350 per sq ft.
Market prices in Jogeshwari East stand at Rs 17,279 per sq ft while the RR rate is Rs 15,143
per sq ft, the data showed.
In Dadar, the average market prices were found to be 58 per cent higher at Rs 32,600 per
sq ft than the RR rate of Rs 13,624 per sq ft. At Tardeo also, the prevailing market rate is
Rs 56,659 per sq ft while the RR rate is Rs 23,597 per sq ft.
According to the data for Bengaluru, the market price at Rajajinagar is Rs 13,300 per sq ft
as against the circle rate of Rs 9,012 per sq ft. At Indiranagar, the market rate is Rs 11,500
per sq ft while the RR rate is Rs 10,312 per sq ft.
In Gurugram, the market price at Dwarka Expressway stood at Rs 5,340 per sq ft while the
circle rate is Rs 4,133 per sq ft. At Sohna Road, the market rate is Rs 6,710 per sq ft, up 35
per cent from the circle rate of Rs 4,969 per sq ft. Golf Course Road commands an average
market price of Rs 13,150 per sq ft while the circle rate is Rs 7,530 per sq ft.
In Noida, the market price on the Expressway is Rs 5,075 per sq ft while the circle rate is
Rs 4,366 per sq ft. At central Noida, the market rate is Rs 4,920 per sq ft as against the circle
rate of Rs 3,685 per sq ft.
Read more at: https://www.timesnownews.com/business-economy/real-estate/article/thinking-of-investing-in-real-estate-difference-between-circle-rates-avg-market-price-narrows/606825