Circle rate is the base on which value of a property is determined while making transactions like purchase or sale. These rates vary from one property type to another, thus affecting the assessment value. It is also a determinant factor affecting property valuation when availing mortgage loans. Circle rate in Kolkata is determined based on several factors and varies from one area to another, thus affecting the real estate rates in the city.
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.
Notified by the revenue department of a state or a local body, these rates undergo revision from time to time. It also acts as a property price indicator for a given area. The Kolkata Municipal Corporation determines circle rate in the city.
Stamp value for a property in Kolkata is thus determined as the higher of assessment value as per the applicable circle rate and the declared transaction value.
City residents can also go for property valuation as per the circle rates in their locality when seeking to avail mortgage advances like loan against property.
Check out the prevailing circle rate in Kolkata for different areas and localities.
|List of Areas/Localities in Kolkata||Average Circle Rate (In per sq. meters)|
|Action Area I||Rs.4,882|
|Action Area II||Rs.4,858|
|Action Area III||Rs. 4,524|
|Baishnabghata Patuli Township||Rs.4,786|
|Ballygunge Circular Road||Rs.13,492|
|Barasat - Madhyamgram||Rs.2,773|
Circle rate in Kolkata varies from one locality to another depending on several factors mentioned below.
Based on these factors, property valuation is done for transacting purchase/sale or availing property loan against its mortgage.
Depending on the circle rate notified by the Kolkata Government, stamp value is determined as higher of the assessed valuation and declared price.
Stamp duty is thus 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.
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.
Use the following steps to calculate property value using the circle rate in Kolkata.
Property value = Built-up area (in sq. metres) x Circle rate for the location (in Rs./sq. metres)
The following areas in Kolkata are considered for circle rate determination.