What are the current circle rates in Mumbai?

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The circle rate in Mumbai is notified for 19 specified zones. The rates are fixed based on the current market value and are an essential consideration during the sale, purchase, or mortgage of a property. In Mumbai, the circle rates for offices and shops differ from the rates assigned to apartments and flats. The rates for both types are over Rs 42,000/sq. m.

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

Existing ready reckoner rate in Mumbai for flats, apartments, offices, and shops

Areas in Mumbai

Circle rates for offices/ shops (in Rs/sq. metres)

Circle rates for apartments and flats (in Rs/sq. metres)

Andheri East

1,25,000 - 2,68,000/1,65,000 - 3,31,000

1,14,000 - 2,44,000

Andheri East Marol

1,11,000 - 1,78,000/1,40,000 - 3,38,000

92,100 - 1,57,000

Andheri Varivali

1,66,000 - 1,90,000/2,07,000 - 2,50,000

1,45,000 - 1,73,000

Andheri West

1,56,000 - 2,60,000/ 2,14,000 - 3,25,000

1,38,000 - 2,10,000

Andheri East Kurla Road

1,43,000 - 1,74,000/1,73,000 - 2,37,000

1,08,000 - 1,58,000

Andheri Oshiwara

1,21,000 - 2,61,000/1,67,000 - 3,03,000

1,01,000 - 2,37,000

Andheri Versova

1,64,000 - 2,60,000/1,97,000 - 3,25,000

1,49,000 - 2,09,000

Bandra East

1,30,000 - 3,27,000/1,88,000 - 4,17,000

1,11,000 - 2,90,000

Bandra West

1,51,000 - 4,95,000/1,91,000 - 6,02,000

1,32,000 - 4,50,000

Bandra Reclamation

2,79,000/3,59,000

2,43,000

Bapnala

1,11,000/1,49,000

91,200

Borivali (East)

1,42,000 - 2,43,000/65,800 - 3,02,000

52,800 - 1,18,000

BKC and Kalina

1,48,000 - 3,79,000/1,88,000 - 4,55,000

1,29,000 - 3,44,000

Borivali (West)

1,15,000 - 1,44,000/1,38,000 - 2,05,000

95,300 - 1,18,000

Byculla

1,05,000 - 5,30,000/1,57,000 - 6,36,000

82,000 - 4,70,000

Brahamanwada

1,34,000 - 1,59,000/1,99,000 - 2,25,000

1,20,000 - 1,37,000

Colaba

3,08,000 - 7,96,000/3,68,000 - 9,24,000

2,80,000 - 6,52,000

Dharavi

81,000 - 96,800/98,500 - 1,16,000

73,600 - 88,000

Dadar

1,05,000 - 2,50,000/1,31,000 - 3,32,000

71,300 - 2,22,000

Dindoshi

1,25,000 - 2,00,000/1,61,000 - 2,52,000

93,700 - 1,70,000

Fort

2,32,000 - 7,10,000/2,61,000 - 8,37,000

1,82,000 - 5,92,000

Goregaon East

63,300 - 2,46,000/87,600 - 4,03,000

51,000 - 2,21,000

Girgaum Chowpatty

2,01,000 - 5,51,000/2,41,000 - 8,23,000

1,65,000 - 4,541,00

Goregaon West

81,300 - 2,39,000/97,400 - 3,17,000

68,700 - 1,77,000

Juhu

2,54,000 - 4,15,000/3,03,000 - 5,07,000

2,31,000 - 3,77,000

Jogeshwari East

1,32,000 - 2,32,000/1,50,000 - 2,53,000

1,15,000 - 2,11,000

Lower Parel

1,89,000 - 6,51,000/2,14,000 - 7,66,000

1,78,000 - 5,24,000

Kandivali East

1,48,000 - 1,86,000/53,700 - 2,12,000

42,900 - 1,69,000

Madh Village

90,400/1,32,000

58,400

Kandivali West

1,63,000/1,96,000

1,31,000

Malabar and Cumballa Hills

4,42,000 - 10,62,000/5,14,000 - 11,97,000

3,40,000 - 8,61,000

Mahim

2,36,000 - 4,63,000/2,57,000 - 6,16,000

2,15,000 - 3,81,000

Malad East

98,000 - 1,88,000/1,27,000 - 2,48,000

74,600 - 1,63,000

Malvani

90,000 - 1,19,000/1,03,000 - 1,37,000

78,800 - 1,06,000

Malad West

1,18,000 - 2,11,000/1,39,000 - 2,96,000

98,900 - 1,71,000

Mandvi

1,93,000 - 2,89,000/2,33,000 - 3,69,000

1,26,000 - 2,21,000

Matunga

1,71,000 - 2,96,000/2,13,000 - 4,02,000

1,43,000 - 2,52,000

Marine Drive

2,19,000 - 4,68,000/2,88,000 - 5,57,000

1,65,000 - 4,46,000

Mazgaon

96,100 - 2,69,000/1,10,000 - 3,23,000

69,400 - 2,18,000

Parel Sewri

1,21,000 - 3,78,000/1,51,000 - 4,38,000

84,600 - 3,36,000

Nariman Point

5,18,000 - 6,99,000/6,55,000 - 8,31,000

4,14,000 - 5,76,000

Parigha Creek

1,06,000 - 2,90,000/1,51,000 - 3,03,000

89,100 - 1,72,000

Princess Dock

2,05,000 - 2,76,000/2,49,000 - 3,83,000

1,59,000 - 2,40,000

Parjapur Andheri

1,02,000/1,22,00085,400

85,400

Sahar

1,55,000/1,74,000

1,41,000

Sion

1,53,000 - 2,65,000/1,83,000 - 3,31,000

1,28,000 - 2,33,000

Salt Pan

1,05,000 - 2,11,000/1,57,000 - 2,83,000

91,600 - 1,92,000

Tardeo

2,05,000 - 4,81,000/2,57,000 - 5,68,000

1,71,000 - 3,37,000

Villages

55,100 - 1,38,000/66,000 - 1,80,000

42,000 - 1,25,000

Vile Parle West

2,40,000 - 3,29,000/2,90,000 - 4,11,000

1,76,000 - 2,73,000

Worli

2,13,000 - 5,96,000/2,67,000 - 7,01,000

1,73,000 - 5,88,000

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.

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.

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.

Andheri East

Andheri Oshiwara

Parigha Creek

Bandra Reclamation

Byculla

Malad West

Fort

Jogeshwari East

Mahim

Andheri East Marol

Andheri Versova

Princess Dock

Bapnala

Brahamanwada

Mandvi

Goregaon East

Jogeshwari West

Malad East

Andheri Varivali

Bandra East

Parjapur Andheri

Borivali (East)

Colaba

Matunga

Girgaum Chowpatty

Lower Parel

Villages

Andheri West

Bandra West

Sahar

BKC and Kalina

Dharavi

Marine Drive

Goregaon West

Kandivali East

Vile Parle East

Andheri East Kurla Road

Mazgaon

Vile Parle West

Borivali (West)

Dadar

Sion

Juhu

Madh Village

Wadhvan

Malabar and Cumballa Hills

Parel Sewri

Worli

Dindoshi

Nariman Point

Salt Pan

Kandivali West

Malvani

Tardeo

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