Circle Rate in Bangalore

Circle Rate in Bangalore

Guidance value or circle rate in Bangalore were revised on 1st January 2019 after a gap of 2 years. The revision saw a significant overhaul in rates, with agricultural land in different localities of the city witnessing an increase of 5% to 25%. Circle rates of other urban locations also witnessed a revision.

What is Circle Rate in Bangalore?

Circle rate or guidance value is the minimum limit set by the government for real estate transactions and property registration. In Bangalore, the Department of Stamps & Registration notifies these rates for different localities. With the recent revision of circle rate in Bangalore, the city witnesses a rise in property prices.

Applicable to the constructed property as well as plots, guidance value or circle rate helps determine stamp value. It is thus calculated on the higher of declared transaction value and the assessed value as per applicable circle rate.

The rate also helps determine a property’s value to avail mortgage advances like loan against property.

Circle Rate in Bangalore for Different Areas

Following is the revised list of applicable circle rates in Bangalore for different areas.

What Does Circle Rate in Bangalore Depend Upon?

Circle rate in Bangalore is dependent on several factors listed below.

• Area of the property

• Type of property

• Available amenities

• Urban or Rural

• Property occupancy, either residential or commercial

• Age of the property

• Property builder, in case of constructed property

• Size or area of the property

• Additional construction, if any

Based on these factors, property valuation is done and stamp duty paid during sale or purchase. The factors also affect property valuation and allow an individual to avail property loan based on the valuation.

Current Stamp Duty in Bangalore

The applicable rates of stamp duty prevailing in Bengaluru are as follows.

• In urban areas- 5.6%

• In rural areas – 5.65%

Registry Charges in Bangalore

Registration charges are additional fees levied on stamp value while registering the property during ownership transfer. The Department of Stamp and Registration charges these fees for ownership record maintenance.

While registering a property in the city, an individual needs to pay registration charges of 1% of the property value calculated as per the circle rate in Bangalore.

How to Calculate Property Value in Bangalore Using Circle Rate for Stamp Duty Payment?

Calculation of property value in Bangalore for stamp duty payment is done in the following steps.

1. Determination of built-up area.

2. Determination of property types – apartment, flat, individual house or plot.

3. Choice of locality for the property in consideration.

4. Computation of minimum assessment value as per the applicable circle rate in Bangalore is as follows –
   
   The built-up area of the property in sq. metres (Only area in case of plot) x Circle rate applicable for the locality in Rs./sq. metres.

You can also complete the valuation as per applicable circle rate in Bangalore through KAVERI Online Services Karnataka state’s official website for property valuation.

List of Areas in Bangalore

Check out the areas listed under various sub-registrar offices in Bangalore.