The Bihar real estate sector is rapidly increasing in India after being listed in the smart cities initiative project. If you are thinking about purchasing or selling property in Bihar. In that case, you must understand the circle rate in Bihar and the relevance of operations and trends in the real estate market. However, compared with other types of sector and equity, acquiring real estate is one of the safest and most straightforward options available to buyers and investors. It also assists with minimal effort and fewer formal prerequisites, with a high return on investment. Since, this industry has its own terms and terminology, such as the property’s circle rate, how it will affect your investment, the market price, and so on. This blog will address the asset’s circle rate in Bihar, how it is estimated, the importance and influencing factors for the Bihar circle rate real estate and much more.
Table of contents
- What are Bihar Circle Rates?
- Differentiate Between Circle Rates in Bihar and Marketplace
- Bihar Circle Rates – City-wise
- Influencing Factors in Bihar Circle Rate
- Significance of Circle Rate in Bihar
- Steps to Find and Verify Circle Rate in Bihar
- Things to Remember for Bihar Circle Rate
- FAQ’s about Circle Rates in Bihar
What are Bihar Circle Rates?
Circle rates are the hypothetical rates at which commercial and residential properties can be sold or transferred. The district administration department determines these rates, which are conceptual and may differ from one location to another. Likewise, Bihar’s circle rates are different from those of other states. Moreover, numerous cities are fully sustained; in that case, the market value of a particular region may fluctuate from that of another, and circle rates also vary by location. However, in some cases, most states sell properties over the circle rate; the asset might also be sold at the mandated circle rate in some situations, like an agreement between both parties, illegal occupying, etc.
Differentiate Between Circle Rates in Bihar and Marketplace
Before purchasing a home, purchasers should understand the distinction between market and circle rates. The market rate is the cost that the purchaser pays for an asset and represents the true value of that item in an agreement between a buyer and a seller. The seller also determines market rates, indicating the buyer’s willingness to pay for the purchased property. It is an expense range determined by supply and demand, real transaction prices in a location. An area with limited availability but substantial demand will command higher rates than nearby regions. On the other hand, circle rates in Bihar and market rates have minimal effects on one another. The circular rate remains less than the market rate. Still, a significant difference indicates a delay and is the primary cause of black money exchanges in the real estate sector.
Bihar Circle Rates – City-wise
Circle rates in Bihar are decided by the property’s market value and nearby facilities’ availability. These rates change according to the cities and regions in Bihar. For example, Patna, the capital city, has higher circle rates because of its robust infrastructure and commercial demands. To check the current circular rates for various cities in Bihar, you can visit the official website of the Bihar Property Registration Department and follow the instructions to view the Circle Rate list Bihar specifically for your preferred area.
Circle Rate in Patna
The circle rate in Patna varies based on the area and type of properties. Here’s a table that summarises the circle rates for various areas and estate types:
Area/Location | Property Type | Circle Rate (per sq ft) |
Patna Urban | Residential | ₹2,000 – ₹4,500 |
Commercial | ₹5,000 – ₹10,000 | |
Patna Rural | Residential | ₹800 – ₹1,500 |
Commercial | ₹2,000 – ₹3,500 | |
Patliputra Colony | Residential | ₹6,000 – ₹8,000 |
Commercial | ₹12,000 – ₹15,000 | |
Kankarbagh | Residential | ₹3,000 – ₹5,000 |
Commercial | ₹7,000 – ₹9,000 | |
Rajendra Nagar | Residential | ₹4,000 – ₹6,000 |
Commercial | ₹8,000 – ₹11,000 | |
Boring Road | Residential | ₹5,000 – ₹7,500 |
Commercial | ₹10,000 – ₹14,000 | |
Danapur | Residential | ₹2,600 – ₹5,450 |
Commercial | ₹5,250 – ₹7,100 |
Circle Rate in Gaya
The below-mentioned table highlights the circle rates in Gaya, Bihar:
Area/Location | Property Type | Circle Rate (per sq ft) |
Gaya Urban | Residential | ₹1,200 – ₹3,500 |
Commercial | ₹3,500 – ₹6,000 | |
Bodh Gaya | Residential | ₹2,500 – ₹5,000 |
Commercial | ₹5,000 – ₹8,000 | |
Sherghati | Residential | ₹1,000 – ₹2,500 |
Commercial | ₹2,500 – ₹4,500 | |
Tekari | Residential | ₹800 – ₹2,000 |
Commercial | ₹2,000 – ₹3,500 | |
Neemchak Bathani | Residential | ₹600 – ₹1,500 |
Commercial | ₹1,500 – ₹3,000 |
Circle Rate in Muzaffarpur
The following table shows the circle rate for various areas in Muzaffarpur as of 2024:
Area/Locality | Rate (₹ per sq ft) |
Mithanpura | ₹ 5,697 |
Ahiyapur | ₹4,500 – ₹5,000 |
Company Bagh | ₹5,500 – ₹ 6,000 |
Maripur | ₹4,800 – ₹5,500 |
Bhagwanpur | ₹4,200 – ₹5,200 |
Bairiya | ₹4,000 – ₹4,500 |
Kalambagh Road | ₹5,000 – ₹5,500 |
Bariyarpur | ₹3,500 – ₹4,000 |
Khabra | ₹4,000 – ₹4,800 |
Muzaffarpur Main City | ₹5,000 – ₹6,000 |
Circle Rate in Darbhanga
Here is a summary of the Circle Rates for different areas in Darbhanga, Bihar for 2024:
Area/Location | Property Type | Circle Rate (per sq ft) |
Darbhanga Urban | Residential | ₹1,500 – ₹3,500 |
Commercial | ₹3,500 – ₹6,000 | |
Darbhanga Rural | Residential | ₹800 – ₹1,500 |
Commercial | ₹2,000 – ₹3,500 | |
Bahadurpur | Residential | ₹1,200 – ₹2,800 |
Commercial | ₹2,800 – ₹5,000 | |
Laheriasarai | Residential | ₹1,800 – ₹3,800 |
Commercial | ₹3,800 – ₹6,500 | |
University Area | Residential | ₹2,500 – ₹4,500 |
Commercial | ₹4,500 – ₹7,000 |
Note: The local government sets these rates, which are subject to change.
Influencing Factors in Bihar Circle Rate
Some of the notable influencing factors of circle rate in Bihar.
- Location and close neighbour: The Bihar circle rates are mostly determined by the precise neighbourhood and surrounding areas, with exceptional and coveted locations attracting higher rates due to growing interest and property prices in certain areas.
- Property Size and Type: In this case, circle rates are directly proportional to the type of real estate and its size; distinct prices have been developed for residential, commercial, and industrial properties to reflect the varying assessment criteria that apply to each sector.
- Infrastructure Growth: Higher circle rates often lead to better services and amenities. This link highlights the influence of urban growth and availability on real estate values and government-estimated prices.
- Demand and Supply Buzz: Circle rates can be influenced by fluctuations in demand and supply patterns, with higher demand for real estate typically increasing rates. Those participating in real estate transactions must be thoroughly aware of these market trends and factors.
- Comparing Previous Trends: Analysing previous Bihar circle rate statistics provides useful information for projecting future patterns and making wise real estate decisions. This past data helps to discover trends and future movements in property assessments.
Significance of Circle Rate in Bihar
Circle rates serve as a reflection of current market conditions rather than the actual price of the dwelling. The circle rate allows the control of black money flow. Due to circle rates, no assets can be depreciated to avoid paying greater taxes. As a result, the circle rate can also be used to determine reasonable property prices in a given location. The real estate market in Bihar is complex and lacks a reliable price index; fixing circle rates in a specific area allows individuals to keep track of real estate price fluctuation. These circular rates help homebuyers understand the true cost of acquiring an asset. Circle prices in Bihar rarely change, falling short of actual market values.
Steps to Find and Verify Circle Rate in Bihar
Follow the following steps to find out the circle rate in Bihar.
Step 1: Visit the official website for property registration in Patna: bhumijankari[dot]bihar[dot]gov[dot]in
Step 2: Go to the ‘Services’ tab. A drop-down menu box will appear; select the ‘View Land MVR’ option.
Step 3: Enter the ‘MVR Details’ such as Registration Office, Circle Name, Thana Code, and Land Type.
Step 4: The output will appear on your screen once all the details are entered.
Things to Remember for Bihar Circle Rate
- Once you begin negotiating a price the seller gives, learn about the property’s circle rate and the current market value. Maintain the price as near to the circle rate in Bihar as feasible.
- It is advised not to get involved with sellers who want to make undocumented money from the transaction.
- Financial institutions will only fund a portion of the transaction’s price at which you intend to register the asset. If the bank participates in the exchange of funds, you must disclose its genuine nature.
- Market rates reflect a property’s worth and the surrounding neighbourhood. Researching the market trend before choosing or rejecting an asset is critical.
Wrapping Up
Investing in Bihar’s real estate market while comprehending circle rates might be profitable. Patna, Gaya, Muzaffarpur, and Darbhanga, the state’s largest cities, provide great potential as they expand and upgrade their infrastructure. Investors can make wise decisions and capitalise on places by using the official property registration department’s resources to examine current circle rates in Bihar. This strategic approach will provide maximum returns on investment while also boosting Bihar’s economic development.
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FAQ’s about Circle Rates in Bihar
Q1. What is the Circle Rate in Bihar?
The circle rate in Bihar varies according to location, property type, and usage. To see the exact circular rates for a certain region in Bihar, go to the official website of the Bihar Property Registration Department and choose the district, registration office, and other information to see the most recent rates.
Q2. What is the registration fee for the Bihar circle rate?
The registration fee for the Bihar circle rate is 2% for both males and females.
Q3. What are the stamp charges for the Bihar circle rate?
The stamp charges for the Bihar circle rates for males are 6.3% and females 5.7%.
Q4. Why should you know the circle rate before Investing in Property?
It is essential to know the circle rate before Investing in Property because circle rates are affected by market trending prices.