The definitive guide to South Asian lingo

Definition 1 of 1

Definition

The government authorized rate of property in India. It is on this basis that the stamp duty and taxes are calculated. The circle rate differs from locality to locality allegedly based on the infrastructure available.
But hero don't jump the gun! It is different from the market value of the property. So if you take out a loan, the bank will calculate the value by its circle rate and you will pay the circle rate amount by cheque or white money and the rest in cash or black money. The margin differs from place to place and can be as high as 5% circle rate to low as 80% circle rate.
And we wonder where our black money is.

Usage

Property Dealer - Sir ji! Top ki property hai! East facing, garden in front, two car parking, no load shedding, personal water supply no need to call tanky. And best is only respectable people in neighborhood.

Murthynathswamy - What is rate?

Property dealer - Sir, only 1.5 cr, circle rate is 80 lakhs and rest cash.

Murthynathswamy - Can you try make cheque more less?

Added 2013-02-07 by Mildly Racist