Circle rate in Mumbai is notified for 19 specified zones. The rates are fixed basis the current market value of the areas. Also known as ready reckoner rates, they form an essential consideration during sale, purchase or mortgage of a property while availing loans. The circle rates for commercial properties are usually higher than for residential properties.
Circle rate or ready reckoner rate is the minimum rate that the government notifies for transactions related sale or purchase, resulting in property registration. 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.
Circle rate in Mumbai was last updated in April 2017 and remained the same for the financial year 2018-19.
Below are specified the existing circle rates for different areas in Mumbai.
| 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 |
Ready reckoner rate in Mumbai varies for different areas based on two primary consideration –
Based on this, 19 zones are divided into 221 sub-zones in Mumbai. Further, other factors also affect circle rate in Mumbai. Check them out below.
- 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.
The valuations of parking slots to determine the circle rate in Mumbai are as follows.
Besides, pricing for flats or apartments also depends on floor rise, attracting a premium for advancing floors. The applicable premiums are listed below.
Note that floor-wise premium will be a consideration in property valuation, be it for sale/purchase or for availing a property loan.
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.
Registration charges for property transaction 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, lesser of the two.
Complete the steps given below to calculate property value using circle rate in Mumbai.
Circle rate in Mumbai is notified for the following areas and localities in the city.
