Annual Statement Rate is a measure devised by the government to determine the property rates in different regions of the country which are based on various market aspects. With the location change, the name of the Annual Statement Rate also changes. For instance, in Delhi, it is known as Circle Rates and in Mumbai, it is known as Ready Reckoner Rate.
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Key Features of Annual Statement Rate
Here are a few aspects of Annual Statement Rates that every buyer should know about:
- Usually, the annual statement rate of a property is less than its market value present in a particular region.
- The calculation of the minimum registration charges and stamp duty is done on the basis of the property’s Annual Statement Rate in an area.
- The Annual Statement Rate of a property gets revised timely and the government tries to make it as close to the market rate of the property as possible.
Effect of Annual Statement Rate on Real Estate Transactions
For specifying the minimum rates at which a property can be sold, the annual statement rates are used but this does not put any restriction on the maximum rates at which a property can be sold. With this, there is a gap created between the annual statement rates and market rates. In a particular locality, majorly the property transactions happen according to the market rates of that area and the stamp duty and registration charges are also formulated based on these rates. Hence, the difference between the annual statement rates and market rates leads to revenue loss for the government.
In case the Annual Statement Rates are higher than the market rates of an area, the registration charges and stamp duty is calculated on the ASR. For homebuyers, a high annual statement rate is a turn down for registering their properties. But with the timely revision of Annual Statement Rates, they can be brought closer to the market rates of an area. This will lead to better transparency in real estate transactions and will also not lead to loss of revenue for the government.
Various Names of Annual Statement Rate Based on Areas
- Jantri Rates in Gujarat
- Guideline Rate in Kolkata and Chennai
- Circle Rate in Delhi and Bhubaneshwar
- Ready Reckoner Rate in Mumbai
- Guidance Value in Hyderabad and Bangalore
How To Find the Annual Statement Rates?
To find the Annual Statement Rates of a particular area, you need to visit the official websites of the particular state government because the government keeps on modifying the annual statement rates timely. For instance, if you need to check the ASR or as called in Mumbai the ready reckoner rates, you need to visit the official website of IGR Maharashtra.\
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FAQs
What is the annual statement rate?
Annual Statement Rate is a measure devised by the Government to determine the property rates in different regions of the country which are based on various market aspects.
What is ASR in real estate?
It is the minimum rate at which a property can be sold.
How do I find out my government land rate?
You need to visit the official government websites of the particular area.
