Karnataka has seen a surge in the demand for real estate due to Bangalore becoming the hub of the IT industry. Let’s understand the ready reckoner or circle rates in Karnataka.
Introduction to Ready Reckoner Rates
Ready reckoner rates (also called circle rates) are the lowest prices for land or buildings set by the government in a certain area. In Karnataka the government decides these rates and properties cannot be bought or sold for less than these amounts.
These rates are usually lower than what people might actually pay when buying or selling a property. To find out the value of a property using these rates, you multiply the size of the property by the rate set for that area.
Difference between Market Rates and Circle Rates in Karnataka
We have already discussed the difference between the market rates and the circle rates above but we will now closely look at the other points that mark the difference between these two:
Market Rates | Circle Rates / Ready Reckoner Rate |
Prices at which properties are actually bought and sold in the open market. | Minimum property values set by the government for a specific area or region. |
Market rates are influenced by location, demand, amenities and real estate trends. because they depend upon the conditions of the market. | Circle Rates are set by the government and typically reviewed periodically. |
Market Rates are influenced by the demand and supply ratio | Ready Reckoner Rates are not influenced by the demand and supply ratio |
Reflects the real-time value of a property. | The stamp duty and registration fees are based on the circle rates |
What are the factors affecting the Circle Rates in Karnataka?
There are some things that help the government of Karnataka decide the circle rates (or base prices) for properties. These include:
- Type of Property: Different types of properties have different rates. For example places used for businesses like shops or offices usually have higher rates than homes.
- Location of the Property: Where the property is matters a lot! If the property is in a busy city or a nice area then the rate will be higher. If it’s in a small town or village then the rate will be lower.
- Market Value: While circle rates and market prices aren’t exactly the same, the government still looks at the market value to help decide the circle rates.
- Utilities Available: If a property has lots of services like water, electricity or good roads, its rate will be higher. If it doesn’t have these things, the rate will be lower.
- Use of the Property: Properties used for businesses, like shops or restaurants, usually have higher rates than properties used for homes.
- Age of the Property: Older buildings usually have lower rates than new ones.
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Importance of Circle Rates
Now that we know what circle rates (also called ready reckoner rates) are, let’s see why they are important:
- Helps Find Property Value:
Circle rates are set by the state government to help figure out a basic price for properties. They look at many things to decide these rates.
- Helps the Government Make Money:
The government uses circle rates to calculate something called “stamp duty,” which is a fee paid when someone buys or sells property. This fee helps the government earn money.
- Gives an Idea of Property Prices:
Circle rates help people who are buying or selling property know how much it might be worth. Even though these rates are usually lower than the real market prices they still give a helpful estimate.
Guidance Value in Karnataka
The guidance value/reckoner rate/circle rates in Karnataka are decided by the state government after considering all the factors discussed above. The most important factor that decides the guidance value is the growth potential of the area. If any person wants to check the applicable reckoner rate for their property on the official website.
How to Find Ready Reckoner Rates in Karnataka?
If you want to find the ready reckoner rates in Karnataka here’s what you need to do:
- Go to the Website:
Go to the official website called the Kaveri Portal.
- Choose the Right Option:
Look for an option that says “Know Your Property Valuation.” Click on it. This will take you to a new page.
- Enter Property Details:
On the new page you need to type in details about the property, like what kind of property it is, how big it is and what it is used for.
- See the Results:
After you put in all the details, click on “Property Valuation” at the bottom of the page. The rates for the property will show up on the screen!
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How to Calculate Ready Reckoner Rates in Karnataka?
To find the ready reckoner rates in Karnataka follow these steps:
- Visit Kaveri Portal:
Visit official website of the Department of Stamps and Registration known as the Kaveri Portal.
- Choose the Correct Option:
Look for the “Know Your Property Valuation” option on the website and click on it.
- Select the Search Type:
You will see two choices: “Basic Search” and “Advanced Search.” Click on “Basic Search.”
- Enter Property Details:
Next fill in the details about the property such as the type of property, its usage, area and measurements.
- View the Results:
Once you’ve entered all the information click on the “Property Valuation” button at the bottom of the page. The ready reckoner rates for the property will be displayed on the screen.
The “Basic Search” will show general information and the reckoner rates for the area. The “Advanced Search” provides more detailed options like the Registry, District, and SRO Office.
Circle Rates in Other Cities
Mysore
Area | Rate Per Sq. Ft. |
Aleem Nagar | Rs. 750 |
Paramount Celestia | Rs. 33,200 |
RMV Elegance | Rs. 36,000 |
Girijana Colony | Rs. 800 |
Ananda Extensions | Rs. 1,010 |
Garike Mala | Rs. 18,000 |
Yelehundi Kavalu | Rs. 800 |
Damodara Colony | Rs. 800 |
Gopalpura | Rs. 2,300 |
Lalitadri Nagar | Rs. 10,000 |
Belgaum
Area | Rate Per Sq. Ft. |
Khadarwadi Apartments | Rs. 2,210 |
Madhavpura | Rs. 2,210 |
Royal Colony | Rs. 3,800 |
Ambedkar Nagar | Rs. 1,000 |
Rayanna Colony | Rs. 5,500 |
Khemewadi | Rs. 800 |
Baganvar Street | Rs. 1,800 |
Satwar Colony Area | Rs. 1,200 |
Ambadagatti | Rs. 600 |
Bammanal | Rs. 800 |
Dhaderakhoppa | Rs. 800 |
Hiremela | Rs. 800 |
Dharwad
Area | Rate Per Sq. Ft. |
Amrut Nagar | Rs. 800 |
Gadag Hubli | Rs. 800 |
Basapur | Rs. 600 |
Sydapur Road | Rs. 800 |
Ibrahimpur | Rs. 600 |
K.H.B Colony | Rs. 2,800 |
Tirlapur State Highway | Rs. 700 |
Jamakhan Oni, Hubli Road | Rs. 1300 |
Durga Colony | Rs. 8000 |
Hanchinal | Rs. 300 |
Arekurahatti National Highway | Rs. 700 |
Kalawad | Rs. 500 |
Applicable Ready Reckoner Rates for Agricultural Land in Bangalore
The state government of Karnataka has separately decided upon the circle rates for the agricultural land. These are as follows:
Locality in Bangalore | Circle Rate on area per acre basis |
Ayurveda Hospital to RMC Hospital | Rs. 49,100 |
Gokulam Third Stage | Rs. 28,000 |
Janatanagar | Rs.11,800 |
Srirampura First Stage | Rs.23000 |
Ambedkar Colony | Rs.3,500 |
Kumbara Koppal Colony | Rs.6,500 |
Gokulam Main Road | Rs.38,400 |
B.M Sri Nagar Cross Road | Rs.28,000 |
Vani Vilas Market-D.Banumaiah Circle | Rs.32,000 |
Banumaiah Circle to KR Circle | Rs.68,200 |
Gokulam Cross Road | Rs.19,800 |
Metagalli Main Road | Rs.18,300 |
Kumbara Koppal Inner Cross Road | Rs.9,900 |
Karnataka Slum Development Board Houses | Rs.8,600 |
Srirampura Second Stage | Rs.24,000 |
Hale Ooru | Rs.8,500 |
B.M Sri Nagar Main Road | Rs.10,100 |
Karakushala Nagar | Rs.5,400 |
Contour Road EWS | Rs.19,700 |
Bogadi First and Second Stage | Rs.28,000 |
Kumbara Koppal Main Road | Rs.1,29,000 |
Gokulam First and Second Stage | Rs.25,000 |
Gokulam Fourth Stage | Rs.20,000 |
K.R Circle to Ayurveda Hospital Circle | Rs.1,15,000 |
RMC Circle to Highway Circle | Rs.32,600 |
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The List of Bangalore Rural Sub-Registrar’s Office
Bangalore East | Bangalore North | Bangalore South |
Mini Vidana Soudha, Hoskote, Bangalore Rural District 561203 Contact: 27934525 | Taluk Office Premises Devanahalli, Bangalore, Rural District 562110 | Mini Vidana Soudha, Building, Magadi, Bangalore Rural District 562120. Contact: 27746750 |
Taluk Office Premises, BM Road, Channapatna, Bangalore Rural District :571501. Contact: 27255412 | Mini Vidana Taluk Office Doddabllapura Bangalore Rural District 561203 Contact: 27681021 | Taluk Office Premises, Mini Vidana Soudha, building, Kanakpura, Ramnagar District, 571511. Contact: 27255412 |
Contact: 27626876 Mini Vidana Soudha, building, Nelamangala Bangalore Rural District 562123 | Taluk Office Premises, Old BM Road, Ramnagar Bangalore Rural District 571511 Contact: 27276270 |
The List of Bangalore Urban Sub-Registrar’s Office
Bangalore East | Bangalore West | Bangalore North | Bangalore South |
Indiranagar BDA Complex, Bangalore 560050 Contact: 25634517 | No. 488 B-Block Karnataka Industrial Area Development Board Building, 14th cross 4th Phase, Peenya 2nd Stage, Bangalore 560058 Contact: 28366091 | Sree Rundhreswara Chambers, Yelahanka New Town Bangalore 560064 Contact: 22959367 | SLN Complex, Near RTS Bus Stand, Mysore Road, Kengeri Bangalore 560060 Contact: 28484159 |
Domlur BDA Complex, Bangalore 560038 Contact: 25352907 | Sri Rameshwara Temple Commercial Complex Near Kannada Sahithya Parishat. IIIrd Main Road, Chamarjpet Bangalore 560018 Contact: 26606641 | K.R Puram Near Santhemaala Bangalore 560036 Contact: 22959345 | 4th Block, Jayanagar, 12th Main Road, Near Jayanagar Complex, Bangalore 560041 Contact: 22959347 |
National Highway, Manjushree Chambers, KR Puram Bangalore 560036 Contact: 28472677 | 19/B, 2nd Floor V.K Iyengar Road, Gandhinagar Bangalore 560009 Contact: 22959353 | No.69 Cholanayakanahalli R.T Nagar Post, Bangalore, 560032 Contact: 22959322 | Taluk Office Premises, Mini Vidhana Soudha Anekal Bangalore 562106 Contact: 27841096 |
No. 7402,9th ‘A’ Main. II Cross, I block, HRBR Layout, Kalyan Bangalore 560043 Contact: 22959335 | Near Vijayanagara Bus Stand, 2nd Main Road, Srirampura Bangalore 560040 Contact: 22959349 | No.13 Laggere Main Road Andanappa Building, Parvathi Nagar Bus Stand Bangalore 560058 Contact: 22959323 | No. 1105-9C Begur Village, Bangalore 560019 Contact: 22959328 |
No. 4 Jatar Circle Road, Whitefield Bangalore 560066 Contact: 22959342 | 5th Block, No 1034, Near Dhobi Ghat Rajijinagar Bangalore 560010 Contact: 22959350 | No.25, D.M. Chambers, 3rd stage, RMEL Road Jawaharlal Nehru Road, RRNagar, Bangalore 560098 Contact: 22959329 | No.1 Madanayakanahalli Dasanapura Hobli Bangalore Contact: 22959325 |
RRMP Building Near Ulsoor Lake Tank Bund Road Bangalore 560022 Contact: 22959369 | No.40 IInd Stage, behind BDA Complex, Block-I Nagarabhavi Bangalore. Contact: 22959315 | Amrutha Nagara Konanakunte Bangalore 560062 Contact: 22959330 | Additional District Registrar BDA Complex Kumara Park West Bangalore 560001 Contact: 22959343 |
1st floor, BM Complex, Mustandra Road, Opp. Dharmarayaswamy Temple Varthur Bangalore 560087 Contact: 22959198 | No. 11, I Main Road, Guttahalli Bangalore 560003 Contact: 22959357 | Bangalore South Taluka APCM Society Kanakpura Road Banashankari Bangalore 560070 Contact: 22959331 | No.4 Survey No. 33/4A, BH Road, Dasanapura Dakhle Devannapalya Bangalore North Taluka Contact: 22959326 |
NO. 111, 9th Main Road, 3rd Stage, Pillanna Garden Kacharakanahalli Bangalore 560045 Contact: 22959321 | NH-7, Opp. Police Station, Bellary Road, Bangalore North Taluk Bangalore 562157 Contact: 28467474 | HC Puttaswamy Layout Hesaraghatta Bangalore North Taluk 560088 Contact: 28466100 | |
No. 70, 5th Main Ganganagar, Bangalore 560032 Contact: 22959259 | No. 1943 Tavarekere Kengeri Road, Tavarekere Bangalore 562130 Contact: 28430714 | ||
No.51 /C, 3rd Main Road Lorry Stand Godown Layout APMC Yard Yeshwanthpur Bangalore 560022 Contact: 22959366 | No. 430, Anna Building Bonnasandra Industrial Area Hennagara Gate Hosur Main road Attibele Bangalore 560099 Contact: 27836583 | ||
No. 167-168, BTM Layout I Stage, Tavarekere Main Road, Bangalore 569076 COntact: 22959360 | No 459/39/2, Bannerghatta, Village, Oppo. Police Station, Bannerghatta, Bangalore 560083 Contact 27828207 | ||
No. 50/1 Church Street Bangalore 560001 Contact: 22959354 | |||
No. 2255, Karuna Complex, Sahakara, Nagara, Rajarajeshwari Road Bangalore, 560092 Contact: 22959341 |
Applicable Ready Reckoner Rates for other properties in Bangalore
The state government of Karnataka has separately decided upon the circle rates for the agricultural land. These are as:
Locality in Bangalore | Circle Rate on area per acre basis |
Ayurveda Hospital to RMC Hospital | Rs. 49,100 |
Gokulam Third Stage | Rs. 28,000 |
Janatanagar | Rs.11,800 |
Srirampura First Stage | Rs. 23,000 |
Ambedkar Colony | Rs.3,500 |
Kumbara Koppal Colony | Rs. 6,500 |
Gokulam Main Road | Rs. 38,400 |
B.M Sri Nagar Cross Road | Rs. 28,000 |
Vani Vilas Market-D.Banumaiah Circle | Rs. 32,000 |
Banumaiah Circle to KR Circle | Rs. 68,200 |
Gokulam Cross Road | Rs. 19,800 |
Metagalli Main Road | Rs. 18,300 |
Kumbara Koppal Inner Cross Road | Rs. 9,900 |
Karnataka Slum Development Board Houses | Rs. 8,600 |
Srirampura Second Stage | Rs. 24,000 |
Hale Ooru | Rs. 8,500 |
B.M Sri Nagar Main Road | Rs. 10,100 |
Karakushala Nagar | Rs. 5,400 |
Contour Road EWS | Rs. 19,700 |
Bogadi First and Second Stage | Rs. 28,000 |
Kumbara Koppal Main Road | Rs. 1,29,000 |
Gokulam First and Second Stage | Rs. 25,000 |
Gokulam Fourth Stage | Rs. 20,000 |
K.R Circle to Ayurveda Hospital Circle | Rs. 1,15,000 |
RMC Circle to Highway Circle | Rs. 32,600 |
What is the Revised Guidance Value for Circle Rates in Karnataka?
As we all know there is a direct nexus between the circle rates and the stamp duty and the property taxes. Let’s look at what is the updated percentage of the circle rates:
Type of the Property | Percentage of the Increase |
Agricultural Land | Upto 50% |
Flats/apartments | 5%- 20% |
Sites | 5%-30% |
What is the impact of the revised Circle Rates in Karnataka in the year 2024?
Due to the surge in the circle rates in Karnataka the prices of the properties drastically shot to heights. The agricultural sector was the most affected sector out of the above. Also the prices of flats and apartments rise by 5-20% and the prime locations affected by this are Electronic City, Yelahanka and KR Puram. For example the price of the properties in Yelahanka increased from Rs. 7,000 to Rs. 11,500.
Latest News about the Ready Reckoner Rates in Karnataka
Ready reckoner rates are usually lower than the actual market prices of properties. Because of this, the Revenue Department of Karnataka has decided to adjust these rates to match changing market values better and to help prevent black money transactions.
To do this, the State Government has asked the BBMP (Bruhat Bengaluru Mahanagara Palike) to use a new method called the Guidance Value Method instead of the old Unit Area Value Method for calculating property taxes.
How to calculate the Circle Rates following the Age of the Property?
We have already understood that the circle rate is dependent upon the age of the property and this is why the older property has a lower circle rate as compared to the newer one. By using the multiplying factor approach the circle rate for the properties can be obtained. To find the exact circle rate we can use below formula:
Circle Rate = Base Rate + (Factor * Area Adjustment) + (Factor * Zone Adjustment)
Where:
Base Rate: The base rate set up by the state government.
Factor: A multiplier is determined based on different factors such as infrastructure, amenities, supply and demand in that area, etc.
Area Adjustment: An adjustment factor is based on the area or size of the property.
Zone Adjustment: An adjustment factor is based on a specific zone or locality.
Calculating Registration Charges and Stamp Duty in Bangalore
- Stamp duty counts for 3-5% of the market value of the property and the registration charges stand for 1-3% of the market value of the property.
- For the property whose value is between Rs. 21-25 Lakhs the applicable Stamp duty is 3% and for the property whose Rs. 45 lakhs the applicable Stamp duty is 5%
- The Stamp Duty in the Urban Area is 5.6% and the Rural Area is 5.65%
- For Instance: The market value of the property is Rs. 70 Lakhs and the Circle Rate is Rs. 60 Lakhs then the stamp duty will be charged on Rs. 70 Lakhs
Conclusion
The Ready Reckoner/Circle Rates are the rates that determine the minimum standard rates for all the types of property in Karnataka. With the help of these rates, the exact market valuation and the potential growth of the region can be ascertained.
Frequently Asked Questions Reckoner/ Circle Rates in Karnataka
Q1. How do you find the Circle rate of property in Karnataka?
Ans1. The property owner must visit the Department of Stamps and Registration’s online portal.
Q2. How to find the land market value in Karnataka?
Ans2. The property owner is required to log in to the Kaveri Portal and then the details of the property can be logged in to find the land market value in the area.
Q3. What is the difference between the circle rate and the actual rate?
Ans3. The Circle Rate is the minimum land value determined by the state government however the actual rate is the market price of the property determined by the real estate agents.
Q4. What is the Area Rate?
Ans4. An area rate is the rate of the total percentage of the assessment assigned to specific properties to recover their costs incurred by the municipality with regards to the installation and maintenance of the sidewalks.
Q5. What is the guidance value in Karnataka 2024?
Ans5. The sub-registrar value in Karnataka is Rs. 5,000 per sq. ft.
Q6. How to check the zone of land in Karnataka?
Ans6. The zone of land in Karnataka can be found by visiting the Bhoomi Land Record online portal
Q7. How to check the Circle Rate in Karnataka?
Ans7. The Circle rate in Karnataka can be checked by visiting the online portal of the Department of the Stamps and Registration
Q8. What is the latest guidance value in Karnataka?
Ans8. The latest guidance value has been increased by 30-50% in October 2023
Q9. What is the Stamp Duty in Karnataka 2024?
Ans9. The stamp duty in Karnataka 2024 is 5.6%
Q10. How to calculate the registration fees?
Ans10. The registration fee is calculated on the 1% of the market value of the property.