Current Circle Rates in Mumbai 2023

The circle rate or ready reckoner rate for the different areas in Mumbai are as follows.

Current Circle Rates in Mumbai 2025

RR rate changes in Mumbai: Updated 2025

What is a circle rate?

Circle rate or ready reckoner rate is the minimum rate that the government notifies for transactions related to sale or purchase, resulting in property registration. The ready reckoner rate in Mumbai is fixed by the Stamps and Registration Department of the city. During property valuation, the rate is compared with the declared transaction value of a property, the higher of which is considered for stamp duty calculation and payment.

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What does the circle rate in Mumbai depend upon?

Ready reckoner rates in Mumbai vary for different areas based on two primary considerations:

• The current market value of the area
• Available amenities and other facilities in the area

Based on this, 19 zones are divided into 221 sub-zones in Mumbai. Further, other factors also affect circle rate in Mumbai. These are:

• Property occupancy, i.e., residential, or commercial
• Type of property, i.e., apartment, flat, independent house, or plot

Additionally, a property’s open parking and stilt parking are also considered for value assessment and payment of stamp duty during sale/ purchase. Similar evaluations are undertaken when mortgaging it for a loan against property.

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Parking slot valuation in Mumbai

The valuations of parking slots to determine the circle rate in Mumbai are as follows.

• Open parking: Parking slot area x 40% of the area’s circle rate
• Covered/ stilt parking: Parking slot area x 25% of circle rate per unit area of the property

Additionally, pricing for flats or apartments also depends on floor rise, attracting a premium for advancing floors. The applicable premiums are listed below.

Floor-wise premium for flats in Mumbai

Following are the floor-wise premium:

• Nil for flats up to 4th floor
• 5% for flats between 5th and 10th floors
• 10% for flats between 11th and 20th floors
• 15% for flats from 21st to 30th floors
• 20% for flats above the 31st floor

Note that floor-wise premium will be a consideration in property valuation, be it for sale/ purchase or for availing of a property loan.

Current stamp duty in Mumbai

Stamp duty value is the higher of the value assessed as per the ready reckoner rate and declared agreement value. The prevailing stamp duty rates in Mumbai are as follows.

• 6% for females
• 6% for males
• 6% for joint ownership of male and female

Registry charges in Mumbai

Registration charges for property transactions are levied over and above the stamp duty valuation. The registry charges in Mumbai are 1% of the property’s value or Rs. 30,000, whichever is the lesser of the two.

How to calculate property value in Mumbai using circle rate for stamp duty payment?

To calculate property value using the circle rate in Mumbai, follow these steps.

1. Determine the property’s built-up area, which is considered as the higher of actual built-up area and 1.2 x carpet area of the flat.
2. Choose the property type like flat, plot, house, builder floor, etc.
3. Note the area or locality of the property as classified by the government.
4. Compute minimum assessment value based on ready reckoner rate in Mumbai for:

• House construction on the plot: Plot Area (in sq. metres) x circle rate for flats in the area (in Rs./sq. metres) X 1.25
• Residential flats and apartments: Calculate a sum of the following:

1. Flat’s built-up area (in sq. meters) x applicable circle rate (in Rs./sq. meter) x 1 + premium on floor rise
2. Open parking slot valuation (As per formula mentioned above)
3. Covered/ stilted parking slot valuation (As per formula mentioned above)

Areas in Mumbai

Circle rate in Mumbai is notified for the following areas and localities in the city.
 

Mumbai’s detailed circle rates ensure accurate property valuation, making it easier to secure a substantial loan against your property. Whether you own an apartment, flat, or commercial space, this financial tool can cater to diverse requirements, from weddings to working capital. Get access to large funds with the flexibility to part-prepay your Flexi Loan at no extra cost. Your property is a resource—utilise it wisely!