When it comes to purchasing or selling property, it is essential to be aware of the guideline value. Guideline value, also known as the circle rate or ready reckoner rate, is the minimum value at which a property can be registered. It determines the stamp duty and registration charges payable during property transactions. If you are unsure about how to find the guideline value, this article will provide you with a step-by-step guide.
How do you find the guideline value?
To find the guideline value of a property, follow these steps:
- Visit the official website of the concerned state’s revenue department or sub-registrar office.
- Locate the “Guideline Value” or “Fair Value” section on the website.
- Select the district and sub-district where the property is located.
- Enter the property details such as survey number, plot number, or street name.
- Click on the search button to retrieve the guideline value of the property.
By following these steps, you can easily find the guideline value assigned to a particular property.
What is the purpose of guideline value?
Guideline value serves as a reference point for property transactions. It ensures that the property is not undervalued during registration, thereby preventing tax evasion and providing transparency in deals.
Can the guideline value be changed?
Yes, the guideline value can be revised periodically to account for market fluctuations, development in the area, or changes in government policies. It is essential to stay updated with the latest guideline values through the respective government portals.
How often are guideline values revised?
The revision frequency varies from state to state. In some states, it can be revised annually, while in others, it may be revised every few years. It is best to check the official government website for the most recent values.
Are guideline values the same for all properties in a locality?
No, guideline values can vary even within the same locality as they are determined based on factors like plot size, location, amenities, and infrastructure.
What happens if the transaction value is lower than the guideline value?
If the transaction value is lower than the guideline value, stamp duty and registration charges will be calculated based on the guideline value, and the buyer may be at risk of legal implications.
Can the guideline value be higher than the transaction value?
While it is uncommon, the guideline value can be higher than the transaction value in certain cases. In such situations, the stamp duty and registration charges will be calculated based on the transaction value.
Is it possible to challenge the guideline value?
Challenging the guideline value can be a complex process as it involves providing substantial evidence to support the claim. It is advisable to consult a legal professional for expert advice in such situations.
What factors influence the guideline value?
The guideline value is influenced by various factors, including the location of the property, accessibility to amenities, infrastructure development, proximity to transportation, and prevailing market rates.
Is the guideline value the same as the market value?
No, guideline value and market value are two different concepts. Market value refers to the price at which a property can be bought or sold in the open market, whereas guideline value is fixed by the government for the purpose of levying stamp duty and registration charges.
Can guideline value vary within the same district?
Yes, the guideline value can vary within the same district as it is dependent on the specific location and various other factors affecting property prices.
Is the guideline value subject to change during property registration?
No, once the guideline value is determined, it remains fixed for the purpose of calculating stamp duty and registration charges at the time of property registration.
Can guideline value be appealed for reduction?
Yes, property owners can appeal for a reduction in the guideline value if they have valid reasons such as encumbrances, legal disputes, or physical deficiencies in the property. However, proper documentation and supporting evidence are required for a successful appeal.
In conclusion, finding the guideline value of a property is crucial for any property transaction. By following the simple steps mentioned above, one can easily find the guideline value assigned to a specific property. It is advisable to stay updated with the latest guideline values and consult professionals for accurate information and guidance during property transactions.