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:
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The property’s market value
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Usage of property for residential or commercial purposes
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Amenities and facilities available in and around the property
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The property’s location
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Type of construction, whether done by a government or a private developer
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The property’s age and type
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.
