What Are the Current Circle Rates in Kolkata?

How to Calculate the Value of Property in Kolkata Using Circle Rates?

The circle rate helps determine the registration and stamp duty charges in particular localities. You can approach the Additional Registrar of Assurances in West Bengal to find the exact circle rates. You can calculate a property’s market value with its circle rate using the following formula:

Property Value – Kolkata Circle Rate for the selective land parcel x Property’s Built-up area

You can also approach real estate developers, brokers, and recent buyers to get an estimated amount of the property's market value. Remember to factor in the Kolkata circle rate's stamp duty and registration charges.

Stamp Duty Charges on Property in Kolkata

Stamp duty charges are a form of tax you must pay when you purchase a property. They are lower for women in Kolkata and many other Indian cities. Depending on the circle rates in Kolkata, the stamp duty is higher between the assessed and the declared valuation. You must calculate and pay the stamp duty on this value. Kolkata's current stamp duty charges are divided into two segments – for properties valued below and above Rs 25 Lakh. Current stamp duty charges for properties in both categories are as follows:

For properties up to Rs 25 Lakh: 6% for the municipality, municipal corporation, corporation area in both Kolkata and Howrah and notified area, 5% for areas not falling in any of these categories.

For properties above Rs 25 Lakh: 7% for municipality, municipal corporation, corporation area in both Kolkata and Howrah and notified area, 6% for areas not falling in any of these categories.

You can pay the stamp duty charges in Kolkata through various modes, including RTGS, cheques, demand drafts, cash, pay order, etc. Ensure paying these charges on time, failing which you might need to pay 2 to 200% of the outstanding amount.

Registry Charges on Property in Kolkata

The value of your property is a determining factor for registry charges in Kolkata. If the property costs more than Rs 25 Lakh, you must pay 1.1% of the property’s cost as a registry charge. It is 1% for properties costing less than Rs 25 Lakh.

Conclusion

Circle rates are an integral part of the real estate market in Kolkata. It significantly impacts the homebuyers and Loan Against Property rate of interest. By understanding the circle rates for various regions, you can make an informed decision about your property purchase, estimate your financial obligations, and navigate the taxation and legal aspects smoothly. It empowers you to browse the Kolkata real estate market and apply for a mortgage loan confidently. Hero FinCorp is a reliable NBFC offering budget-friendly mortgage loans in Kolkata at competitive interest rates.

FAQs

You can find out the circle rate using the online portal of the Directorate of Registration and Stamp Revenue Department in Kolkata.

The government determines the circle rates in Kolkata, while market value depends on several factors, like the available amenities and facilities. Property registration and stamp duty charges are applicable on circle rates only, and they have a lower frequency of fluctuations than market rates.

Visit the official website of the Directorate of Registration and Stamp Revenue Department in Kolkata. Scroll to e-Services and click ‘Calculator for MV, SD, & RF’. Click on ‘Market Value of Land’, enter details of the property location, and calculate your desired property’s circle rate. Enter the captcha and click ‘Display Market Value’ to estimate your property's circle rate.