Circle rate in Kolkata

The circle rate is notified by the revenue department of a state or a local body. In Kolkata, the Municipal Corporation determines these rates and they undergo revision from time to time. It also acts as a property price indicator for a given area.

What is circle rate?

A circle rate is a minimum valuation at which a real estate property is registered during a transfer of ownership. It is also the rate used to determine the market value of a given property. Stamp value for a property in Kolkata is thus determined as the higher assessment value as per the applicable circle rate and the declared transaction value.

Circle rate in Kolkata

Check out the prevailing circle rates in Kolkata for different areas and localities.

What does the circle rate in Kolkata depend upon

The circle rate in Kolkata varies from one locality to another depending on several factors mentioned below.

• Location of the property
• Area and size of the property
• Available amenities and facilities
• Age of the property
• Occupancy, whether residential or commercial
• Property type, i.e., plot, flat, apartment, or independent house

Based on these factors, a property’s valuation is calculated during purchase/ sale or when availing a property loan.

Current stamp duty in Kolkata

Depending on the circle rate notified by the Kolkata Government, stamp value is determined as a higher amount between the assessed valuation and the declared price. Stamp duty is calculated and paid on this value.

The prevailing stamp duty rates in Kolkata are divided into two segments, i.e., properties valued below Rs. 25 lakh and those valued above Rs. 25 lakh.

The current rates are as follows:

• For properties below Rs. 25 lakh:
  6% for corporation area (Both Howrah and Kolkata), 6% for the municipal corporation, municipality, or notified area, 5% for areas not falling under the two categories mentioned above.

• For properties above Rs. 25 lakh:
  7% for corporation areas in Howrah or Kolkata, 7% for a municipality, municipal corporation, or notified area, 6% for localities not covered under the two heads.

Registry charges in Kolkata

Registration charges in Kolkata also vary with a division of properties valued above Rs. 25 lakh and below it. For the former, the registration charges payable are 1% of property valued. As for the latter, it is 1.1% of this valuation.

What are the steps to calculate property value in Kolkata using circle rate for stamp duty payment

Refer to the following steps to calculate property value using the circle rate in Kolkata:

• Compute the property’s built-up area
• Identify the property type
• Available amenities and facilities
• Identify the circle rate for the property as per its location
• Compute the minimum property value with the following formula:

Property value = Built-up area (in sq. metres) x circle rate for the location (in Rs./sq. metres)

Areas in Kolkata

The following areas in Kolkata are considered for circle rate determination.