Which term describes the rent that a similar property in the same or a similar locality would fetch, used as an indicator of expected rent?

Fair rent is the rent a similar property in the same or a similar locality would fetch; with municipal value it fixes the sum the property might reasonably be expected to let for under section 21(1)(a) of the Income-tax Act, 2025. Standard rent is the ceiling under rent-control law, and actual rent is what the owner receives.