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As a prospective buyer or seller of property in Agra, it is crucial to understand the concept of circle rates. Circle rates refer to the minimum price at which a property can be bought or sold in a particular area. These rates are determined by the local government and play a significant role in property transactions. In this comprehensive guide, we will delve into the importance of circle rates in Agra, the factors that influence them, the current circle rates in the city, and their impact on home loan eligibility.
Understanding the circle rate in Agra is crucial for anyone involved in property transactions within the city. Circle rates serve as a fair valuation benchmark, ensuring transparency and compliance with legal and financial regulations. Factors such as location, property type, infrastructure development, and market trends influence circle rates. It is essential to stay updated with the current circle rates in Agra and consider their impact on home loan eligibility. By utilizing tools like home loan EMI calculators and conducting thorough research, buyers and sellers can navigate the circle rate system effectively. Making informed decisions regarding circle rates will contribute to successful property transactions in Agra.
Circle rates serve as a benchmark and provide a fair valuation of properties in Agra. They act as a measure to prevent the undervaluation or overvaluation of properties during transactions. The local government sets these rates to ensure that property deals are conducted transparently and to avoid tax evasion. By having a standardized minimum price for properties, circle rates protect both buyers and sellers from unfair practices. It is essential to consider circle rates when buying or selling a property to ensure compliance with legal and financial regulations.
Current Circle Rates in Agra 2024
Location | Circle Rate (in sq m) |
---|---|
Vayu Vihar 100 Road, From Bodla Bichpuri Road Chauraha to Agra Fatehpur Sikri Road | Rs. 15,000 |
From Rui ki Mandi Railway gate to Nagar gate, and from Kheria Mod Tiraha to Arjun Nagar Tiraha | Rs. 33,000 |
From Doretha 100 feet to Bodla Chauraha Agra | Rs. 24,000 |
From Ram Nagar Tiraha to Awadhpuri Chauraha | Rs. 26,000 |
From Hanuman Nagar Chauraha to Awadhpuri Tiraha | Rs. 28,000 |
From Bhogipur Tiraha to Sirki Mandi Chauraha | Rs. 35,000 |
From Kothi Meena Bazar New Shahganj to Hanuman Nagar Chauraha | Rs. 39,000 |
From Lohamandi Chauraha to Bodla Chauraha | Rs. 35,000 |
From Lohamandi Chauraha to Shahganj Chauraha | Rs. 38,000 |
From Madiya Katri Chauraha to Lohamandi Chauraha | Rs. 38,000 |
From Mental Hospital Road to Mariyam Tomb | Rs. 33,000 |
From Madiya Katra to Mental Hospital | Rs. 38,000 |
From Bodla Chauraha to Sikandra Akbar Chowk | Rs. 42,000 |
From Bhogipura Chauraha to Bodla | Rs. 38,000 |
From Shah Nagar Chauraha to Prithvinath Patak | Rs. 30,000 |
From Prithvinath Patak to Vayu Vihar | Rs. 22,000 |
From Bhojipura to Prithvinath Patak | Rs. 30,000 |
From Rui Mandi Chauraha to Bhogipura | Rs. 45,000 |
From Rui Mandi Chauraha to Railway Gate | Rs. 45,000 |
From Collectorate to Rui Mandi Chauraha | Rs. 35,000 |
From Kamla Nagar B Block Main Road Anjuman Bar to Pani Tanki Road | Rs. 72,000 |
From Kamla Nagar B Block Main Road Central Bank to Pani Tanki Road | Rs. 75,000 |
From Kamla Nagar Main Road Shree Ram Vatika to F Block Krishna Tower | Rs. 77,000 |
From Hanuman Mandir Khandari Road to Home Science Institute | Rs. 82,000 |
From Church Road MG Road to Ram Raghu Hospital to Uddeshwar House via Hanuman Mandir Khandari Chauraha | Rs. 83,000 |
If you’re interested in buying a multi-storey housing property, the circle rate will be determined using the formula-
(Part of the land to building ratio X land cost) + (flat area X building cost) + (Common area X construction cost)
Here are the easy steps to calculate property value using circle rates for stamp duty payment-
1. Determine the built-up of the concerned land/ property
2. Select the type of property
3. Select the locality/area
4. Calculate the assessment value based on the current circle rate using this formula,
Built-up area (in sq m) X circle rate for the locality (in Rs./sq m)
Several factors determine the circle rates in Agra. These include the location of the property, the type of property, infrastructure development in the area, demand and supply dynamics, and market trends. The location plays a crucial role in determining the circle rate, with prime areas commanding higher rates. The type of property, such as residential, commercial, or agricultural, also influences the circle rate. Infrastructure development, such as the presence of schools, hospitals, and transportation facilities, can have a significant impact on circle rates. Additionally, the demand and supply of properties in a particular area, along with market trends, can cause fluctuations in circle rates.
To make informed decisions in property transactions, it is vital to be aware of the current circle rates in Agra. The circle rate varies for different localities within the city. It is advisable to consult the Agra Development Authority or visit their official website for the most updated circle rate information. The circle rate list is usually updated annually, taking into account the prevailing market conditions and other relevant factors. By understanding the current circle rates, buyers and sellers can negotiate deals effectively and avoid any legal or financial complications.
Circle rates have a direct impact on home loan eligibility. When applying for a home loan, financial institutions consider the circle rate as the minimum value of the property. The loan amount sanctioned by the bank or lender is based on a percentage of the circle rate. Therefore, if the property's agreed-upon price is lower than the circle rate, the loan amount may be reduced. It is crucial for buyers to consider the circle rate while calculating their budget and assessing their eligibility for a home loan. By being aware of the circle rate, buyers can avoid any surprises during the loan application process.
To assess the affordability of a home loan in Agra, it is beneficial to utilize a home loan EMI calculator. Several financial institutions and online platforms provide these calculators, allowing buyers to determine their Equated Monthly Installments (EMIs) based on the loan amount, interest rate, and tenure. By entering the circle rate of the property, buyers can accurately estimate their monthly repayments and plan their finances accordingly. The home loan EMI calculator helps buyers make informed decisions, ensuring that the loan amount is within their budget and financial capabilities.
When applying for a home loan in Agra, certain documents are necessary to complete the application process. The specific documents may vary depending on the lender and the type of loan, but generally include proof of identity, address proof, income proof, bank statements, property documents, and photographs. It is advisable to check with the chosen lender for the exact list of documents required. By preparing these documents in advance, buyers can expedite the loan application process and increase their chances of approval.
Home loan rates and charges are influenced by several factors, including the circle rate of the property. Financial institutions determine the interest rates based on the risk associated with the loan and the borrower's creditworthiness. If the property's value is higher than the circle rate, lenders may offer more favorable interest rates, as it indicates a higher value asset. However, if the property's value is lower than the circle rate, lenders may consider it a riskier proposition and charge higher home loan interest rates. It is crucial for buyers to compare loan offers from various lenders to find the most competitive rates and favorable terms.
Navigating the circle rate system in Agra requires careful consideration and thorough research. Here are some tips to help you:
Research the current circle rates in your desired locality before beginning the property search.
Consult with real estate professionals or property consultants who have in-depth knowledge of the local market and circle rates.
Consider the impact of infrastructure development and future growth prospects on circle rates.
Be aware of any legal or financial implications of buying or selling a property below or above the circle rate.
Utilize online resources and calculators to estimate the affordability of a home loan based on the circle rate.
By following these tips, buyers and sellers can navigate the circle rate system in Agra effectively and make informed decisions.
Disclaimer: The rates can vary at the discretion of the state government. Kindly check the official website for existing rates.
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