If you are planning to invest in property in India, it is important to be aware of the current market value of the property. This is where the Integrated Grievance Redressal System (IGRS) comes into play. IGRS is a comprehensive online portal developed by NIC (National Informatics Centre) that offers a wide variety of services, one of them being the ability to check the 'IGRS market value' of a property.The IGRS system provides a fair and transparent method to ascertain the property's market value, crucial for property transactions. The IGRS market value is a benchmark price under which all property transactions must be registered to prevent undervaluation and subsequently evasion of stamp duties.
What is IGRS market value?
The Inspector General of Registration and Stamps (IGRS) system is a government initiative aimed at streamlining and digitising property registration processes. The IGRS market value refers to the assessed value of a property as determined by this system. This value is crucial for various transactions, including buying, selling, and taking a loan against property.
IGRS market value is a standardised way to determine the worth of a property based on several factors such as location, type, size, and amenities. This valuation is used for calculating stamp duty, registration fees, and can also influence loan amounts for home loans and other financial products.
How to check IGRS market value online?
The procedure to check IGRS market value is simple and straightforward, eliminating the need for middlemen and the risk of manipulation.
- Access the official IGRS web portal.
- Locate the 'Market Value' or 'Property Value' option and click.
- Fill in the required details - district, mandal, village or city, road, building type, and so forth.
- The system will then calculate and display the estimated property value.
This online service has streamlined the process not just for potential buyers and sellers but also for financial institutions lending home loans. Accurate market value estimates enable these financial bodies to formulate better lending policies and risk assessments.
Benefits of using IGRS for market value calculation
- Transparency and accuracy: The IGRS market value system provides a transparent method for determining property rates, eliminating the need for intermediaries and reducing the chances of manipulation.
- Simplified transactions: Knowing the market value is essential for negotiating deals and ensuring all parties have a fair understanding of the property's worth.
- Legal compliance: Accurate property valuation is necessary for calculating stamp duty and other taxes, ensuring legal compliance and reducing the risk of complications.
- Financial planning: The IGRS market value system helps in financial planning by providing clear insights into property values, aiding in decisions related to home loans, investments, and other financial products.
Common mistakes to avoid when using IGRS
- Incorrect property details: Ensure that all property details entered into the IGRS system are accurate to avoid discrepancies in market value calculation.
- Ignoring updates: Property values can change over time. Always check for the latest updates and data on the IGRS portal.
- Not cross-checking values: While the IGRS system provides reliable valuations, it's a good practice to cross-check the provided market value with other sources or seek professional advice
- Overlooking regional differences: The process and accuracy of property valuations can vary between states. Familiarise yourself with your state's specific IGRS guidelines.
Using IGRS market value for financial planning
The IGRS market value system is not just for buyers and sellers; it can also be a valuable tool for financial planning. Here are a few ways you can leverage the IGRS market value system for your financial needs:
- Home loans: Understanding the market value of a property is essential when applying for a home loan. Lenders use the market value to determine the loan amount they can offer. Knowing the IGRS market value helps you set realistic expectations and negotiate better terms with lenders.
- Investment decisions: If you are an investor looking to expand your real estate portfolio, the IGRS market value system can provide critical insights. By understanding current market values, you can identify undervalued properties or areas with high growth potential.
Apart from home loans, other financial products like property insurance, mortgage loans, and real estate investment trusts (REITs) also rely on accurate property valuations. The IGRS market value system helps in determining the right amount of coverage or investment based on the property's worth.
The IGRS market value system is a powerful tool for anyone involved in real estate transactions. By providing transparent, accurate property valuations, it simplifies the process of buying, selling, and investing in real estate. Whether you are applying for a home loan, planning an investment, or simply curious about property values, the IGRS system offers valuable insights.
