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What Is Circle Rate?
The minimum price at which a real estate property can be transferred from one owner to another owner is called the circle rate. The circular rate is the lowest and minimum price at which a residential or commercial property like land, flat, or constructed house can be reserved for another.
This rate is fixed by the state government. These circular rates vary across cities and regions. An area with facilities such as transport networks, markets, schools, and hospitals has a higher circularity ratio than a developing area.
Important Points Of Circle Rate
Important points about circular rates are:
- The minimum price is determined by local development authorities or state government authorities.
- Different localities in a city have different types of circular ratios.
- The aim is to ensure that each part is listed against the correct price.
- The circular rate refers to the actual price of the property and is lower than the market rate of the property and is higher than the real estate transaction rate.
- Sales character should be close to the circular ratio.