Answered on October 22,2022
The Market value is the government value of a property, also know as guidance value or circle value
Market Value is the minimum amount for which a property can be registered in a particular locality and hence the property would not be registered for an amount lower than the Market Value. This guarantees a minimum stamp duty payable to government. Market value of a property is fixed by the Department of Stamp & registration in your locality
Note: We can sell or buy a property less than market value but we cannot pay the stamp duty to government less than market value of property. The main objective of market value is to avoid underpayment of government charges.
In the below EC, we encircled the market value of property in black color. We encircled the consideration in blue circle, (Consideration is the actual sale value of the property)