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circle rates in kolkata

Are you planning to invest in a residential or commercial property in Kolkata? It can be an exciting yet tricky task, as it needs a lot of planning, research, and informed decision-making. Before investing in a property, you must know a few important things, including the different applicable rates.

If you are planning to apply for a property mortgage loan, you must know the circle rates in various regions to find a property within your budget. Since your registration and stamp duty charges will also depend on the circle rates in Kolkata, it’s essential to dig a bit deeper into it.

What is Circle Rate?

The circle rate is the minimal rate to sell or transfer property, apartment, plot, or house. The State government or local development authority decides this fee. The circle value of property in Kolkata is tentative and varies across localities. For instance, the circle rates of an area with developed markets, schools, hospitals, transportation networks, and other facilities are higher than those of a developing locality. In most areas, the market value of properties is higher than the circle rate. However, it may be the same as the prescribed circle rate in certain cases.

List of Circle Rates in Kolkata

Below is a list of circle rates in Kolkata for different locations:

Localities in Kolkata

Average Circle Rate (per square meter)

Agarpara

Rs 2,626

Action Area I

Rs 4,882

Airport Area

Rs 3,062

Action Area II

Rs 4,858

Alipore

Rs 12,689

Action Area III

Rs 4,524

Ashok Nagar

Rs 4,690

Andul Road

Rs 3,148

Bablatala

Rs 3,264

Baghajatin

Rs 3,858

Baguiati

Rs 3,257

Bally

Rs 2,769

Ballygunge

Rs 9,983

Baishnabghata Patuli Township

Rs 4,786

Ballygunge Circular Road

Rs 13,492

Ballygunge Place

Rs 11,322

Ballygunge Park

Rs 10,051

Bangur Avenue

Rs 4,881

Bangur

Rs 4,823

Baranagar

Rs 3,363

Barasat - Madhyamgram

Rs 2,773

Baruipur

Rs 2,281

Behala

Rs 3,644

Beleghata

Rs 5,678

Belghoria

Rs 3,133

Bhawanipur

Rs 9,096

Bansdroni

Rs 3,584

Barasat

Rs 2,276

Barrackpore

Rs 2,534

Bata Nagar

Rs 3,733

Behala Chowrasta

Rs 3,475

Belgharia Expressway

Rs 3,733

Beliaghata

Rs 5,151

Birati

Rs 3,264

What Factors Impact Circle Rates in Kolkata?

The circle rates are different for various regions based on parameters such as the following:

  • The property’s market value

  • Usage of property for residential or commercial purposes

  • Amenities and facilities available in and around the property

  • The property’s location

  • Type of construction, whether done by a government or a private developer

  • The property’s age and type

 

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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

How do you find out the circle rate?

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

What is the difference between market value and circle rate 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.

How can I check my circle rate in West Bengal?

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.


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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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