Circle rates in Mumbai for 2024
Circle rate is the minimum price at which a property can be sold. The state government sets these prices for each micro-market in the city based on various factors. In Mumbai, these rates vary from sectors to sectors, so home buyers need to know the latest circle prices to estimate the cost of buying a home. Read on to know the latest updates and circle prices in Mumbai in 2024.
Circle Rate in Mumbai is an important term for buyers and sellers in the real estate market.
It represents the minimum price set by the government for property transactions in the city.
Understanding how circle rate works and how it is calculated is essential to make an informed decision while buying or selling property in Mumbai.
In this article, we will take a detailed look at the latest circle rates in Mumbai 2024, how to calculate circle rate, key differences between circle rate and market rate, impact of circle rate on property prices, and more.
What is ready reckoner rate?
Ready Reckoner Rate, also known as Circle Rate, is the minimum value at which a property can be registered in a particular area and is set by the revenue authorities of the state government concerned. Ready Reckoner Rate is used as a benchmark to determine the market value of a property, taking into account various factors such as location, size, age, amenities, etc.
Ready Reckoner Rate is usually updated annually and the new rate is published by the Inland Revenue Department. Ready Reckoner Rate is used by property buyers, sellers and agents to determine the market value of a property and ensure that transactions are conducted fairly and transparently
It is important to note that Ready Reckoner Rate is not the actual market value of a property but a benchmark used for government purposes. The actual market price of a property may be higher or lower than the calculated price depending on a variety of factors, including supply and demand, location, and market conditions.
RR rate changes in Mumbai: Updated 2024
| Areas | RR rate (%hike) |
|---|---|
| Thane | 9.48% |
| Navi Mumbai | 8.90% |
| Ulas Nagar | 9.81% |
| Vasai-Virar | 9% |
| Panvel | 9.24% |
| Pune | 6.12% |
| Pimpri Chinchwad | 12.36% |
| Sholapur | 8.08% |
| Nasik | 12.15% |
| Ahmadnagar | 7.72% |
| Latur | 11.93% |
| Aurangabad | 12.38% |
In Mumbai, the stamp and Registration Department sets the Ready Reckoner rates depending on the market value of the area. The administration has divided Mumbai real estate into 19 districts or zones. Commercial properties earn higher district rates than residential properties.
Unlike Noida and Greater Noida, where discounts are given to apartments on the fourth floor and above 4th floor in apartment complexes, the Maharashtra government levies a premium on ready calculation rates for apartments on higher floors.
Floor-wise premium for flats in Mumbai
| Floor of the building | Premium charged |
|---|---|
| Up to 4th floor | Nil |
| 5th to 10th floor | 5% |
| 11th to 20th floor | 10% |
| 21st to 30th floor | 15% |
| 31st floor an above | 20% |
What are the circle rates in Mumbai?
Mumbai circle rate is the minimum price at which a property can be registered with the government.
It is fixed by the Maharashtra government and reviewed periodically to ensure that it is in line with the prevailing market price.
Circular rate is the base price for calculating stamp duty and registration charges for real estate transactions.
Ready reckoner rates in Mumbai – Zone-wise: July 2023 data
Ready Reckoner rates in Worli
| Sub-division | Circle rates (per sq m) |
|---|---|
| Dr Annie Besant Road | Rs 4,10,630 |
| Mau Abdul Ghafar Khan Road from Worli Sea Face | Rs 5,93,700 |
| Sasmira Road to the West, boundary to the East and South and boundary of Worli Gauthan to the North | Rs 2,99,890 |
| The boundary between Gauthan boundary to the North, Lala Lajpat Rai Road to the East of the boundary to the West, Anni Besant Road and Sasmira Road, to the South the boundary | Rs 3,82,500 |
| Worli Village | Rs 1,68,710 |
Ready Reckoner rates in Colaba
| Sub-division | Circle rates (per sq m) |
|---|---|
| Bhabha Road (North of Navy Colaba) | Rs 2,96,830 |
| Prakash Pethe Marg and Jagannath Bhosle Road (departing from Cuffe Parade to the division limits) | Rs 5,98,220 |
| Shaheed Bhagat Singh Marg, from R Salgaonkar Road to Colaba | Rs 4,22,540 |
| Shaheed Bhagat Singh Marg, from Rigal Cinema to R Salgaonkar Road | Rs 4,91,990 |
| Navinagar, Part south of Colaba south of Bhabha Road, Navinagar Tata Institute of Fundamental Reachers Colaba Point | Rs 2,69,180 |
Ready Reckoner rates in Dharavi
| Sub-division | Circle rates (per sq m) |
|---|---|
| Bhabha Road (North of Navy Colaba) | Rs 2,96,830 |
| Prakash Pethe Marg and Jagannath Bhosle Road (departing from Cuffe Parade to the division limits) | Rs 5,98,220 |
| Shaheed Bhagat Singh Marg, from R Salgaonkar Road to Colaba | Rs 4,22,540 |
| Shaheed Bhagat Singh Marg, from Rigal Cinema to R Salgaonkar Road | Rs 4,91,990 |
| Navinagar, Part south of Colaba south of Bhabha Road, Navinagar Tata Institute of Fundamental Reachers Colaba Point | Rs 2,69,180 |
Ready Reckoner rates in Lower Parel
| Sub-division | Circle rates (per sq m) |
|---|---|
| Dr Annie Besant Road | Rs 4,05,320 |
| Pandurang Budhkar Road to the South, East Sayani Road, Mhatre Road, and Tandel Road | Rs 4,59,010 |
| Mahim Area | Rs 3,10,900 |
| Oriental Silk Mill, East of Prabhadevi Chowk | Rs 4,86,580 |
| East Saini Road and North of Apapaaheb Marathe Road, Jagannath Bhatankar Road to the South and Strander Mill boundary to the West | Rs 3,02,260 |
Ready Reckoner in Mumbai for flats, residential and industrial land (per sq meter)
| Localities | Flats/Apartments | Residential Land | Industrial Land |
|---|---|---|---|
| Byculla | Rs.82,000 - Rs.469,900 | Rs.38,500 - Rs.214,200 | Rs.93,400 - Rs.469,900 |
| Colaba | Rs.280,400 - Rs.652,100 | Rs.130,400 - Rs.339,000 | Rs.280,400 - Rs.652,100 |
| Fort | Rs.182,100 - Rs.592,300 | Rs.97,000 - Rs.296,500 | Rs.182,100 - Rs.592,300 |
| Nariman Point | Rs.413,700 - Rs.576,300 | Rs.192,200 - Rs.308,700 | Rs.413,700 - Rs.576,300 |
| Princess Dock | Rs.158,900 - Rs.240,200 | Rs.56,400 - Rs.130,600 | Rs.158,900 - Rs.240,200 |
| Mandvi | Rs.126,000 - Rs.221,200 | Rs.65,700 - Rs.130,600 | Rs.126,000 - Rs.221,200 |
| Marine Drive | Rs.164,800 - Rs.445,600 | Rs.83,300 - Rs.221,800 | Rs.164,800 - Rs.445,600 |
| Girgaum Chowpatty | Rs.165,400 - Rs.450,700 | Rs.78,900 - Rs.256,400 | Rs.165,400 - Rs.450,700 |
| Malabar & Cumballa Hills | Rs.339,500 - Rs.861,000 | Rs.185,700 - Rs.475,400 | Rs.339,500 - Rs.861,000 |
| Tardeo | Rs.171,300 - Rs.337,400 | Rs.82,600 - Rs.184,700 | Rs.171,300 - Rs.337,400 |
| Mazgaon | Rs.69,400 - Rs.217,600 | Rs.27,100 - Rs.97,400 | Rs.69,300 - Rs.217,600 |
| Parel Sewri | Rs.84,600 - Rs.335,700 | Rs.26,200 - Rs.144,50 | Rs.97,600 - Rs.335,700 |
| Lower Parel | Rs.178,300 - Rs.523,600 | Rs.48,800 - Rs.236,100 | Rs.178,300 - Rs.523,600 |
| Worli | Rs.172,500 - Rs.587,800 | Rs.77,700 - Rs.318,200 | Rs.172,500 - Rs.587,800 |
| Dadar | Rs.71,300 - Rs.222,000 | Rs.40,200 - Rs.102,300 | Rs.99,800 - Rs.222,000 |
| Salt Pan | Rs.91,600 - Rs.191,900 | Rs.46,000 - Rs.85,800 | Rs.91,600 - Rs.191,900 |
| Matunga | Rs.142,500 - Rs.252,000 | Rs.56,300 - Rs.113,600 | Rs.142,500 - Rs.252,000 |
| Mahim | Rs.214,500 - Rs.381,500 | Rs.98,600 - Rs.210,500 | Rs.214,500 - Rs.381,500 |
| Dharavi | Rs.73,600 - Rs.88,000 | Rs.25,000 - Rs.42,900 | Rs.73,600 - Rs.88,000 |
| Sion | Rs.127,700 - Rs.233,300 | Rs.55,300 - Rs.115,900 | Rs.127,700 - Rs.233,300 |
| Bandra Reclamation | Rs.242,600 - Rs.242,600 | Rs.148,100 - Rs.148,100 | Rs.242,600 - Rs.242,600 |
| Bandra West | Rs.131,700 - Rs.449,600 | Rs.74,500 - Rs.299,900 | Rs.131,700 - Rs.449,600 |
| Bandra East | Rs.111,400 - Rs.289,900 | Rs.57,900 - Rs.169,000 | Rs.117,800 - Rs.289,900 |
| Parigha Creek | Rs.89,100 - Rs.171,700 | Rs.35,200 - Rs.93,400 | Rs.89,100 - Rs.171,700 |
| BKC & Kalina | Rs.129,400 - Rs.344,000 | Rs.78,100 - Rs.206,800 | Rs.133,900 - Rs.344,000 |
| Bapnala | Rs.91,200 - Rs.91,200 | Rs.40,900 - Rs.40,900 | Rs.108,500 - Rs.108,500 |
| Sahar | Rs.140,800 - Rs.140,800 | Rs.69,600 - Rs.69,600 | Rs.140,800 - Rs.140,800 |
| Brahamanwada | Rs.120,000 - Rs.136,700 | Rs.65,100 - Rs.71,100 | Rs.128,000 - Rs.136,700 |
| Andheri East | Rs.114,000 - Rs.243,600 | Rs.58,900 - Rs.142,200 | Rs.114,000 - Rs.243,600 |
| Vile Parle East | Rs.93,100 - Rs.215,600 | Rs.46,200 - Rs.129,500 | Rs.109,500 - Rs.215,600 |
| Vile Parle West | Rs.176,300 - Rs.273,200 | Rs.105,600 - Rs.160,500 | Rs.176,300 - Rs.273,200 |
| Juhu | Rs.230,700 - Rs.376,600 | Rs.136,900 - Rs.227,400 | Rs.230,700 - Rs.376,600 |
| Andheri West | Rs.137,500 - Rs.210,100 | Rs.70,600 - Rs.136,500 | Rs.150,800 - Rs.210,100 |
| Andheri East - Kurla Road | Rs.108,300 - Rs.158,200 | Rs.60,000 - Rs.81,700 | Rs.108,300 - Rs.158,200 |
| Andheri East Marol | Rs.92,100 - Rs.157,300 | Rs.50,200 - Rs.95,100 | Rs.92,100 - Rs.157,300 |
| Parjapur Andheri | Rs.85,400 - Rs.85,400 | Rs.39,800 - Rs.39,800 | Rs.91,100 - Rs.91,100 |
| Andheri Varivali | Rs.144,900 - Rs.173,000 | Rs.76,400 - Rs.103,700 | Rs.144,900 - Rs.173,000 |
| Jogeshwari West | Rs.88,400 - Rs.196,900 | Rs.40,000 - Rs.124,700 | Rs.88,400 - Rs.196,900 |
| Jogeshwari East | Rs.115,100 - Rs.210,600 | Rs.60,800 - Rs.117,200 | Rs.115,100 - Rs.210,600 |
| Madh Village | Rs.58,400 - Rs.58,400 | Rs.22,600 - Rs.22,600 | Rs.79,900 - Rs.79,900 |
| Andheri Versova | Rs.149,000 - Rs.209,400 | Rs.74,700 - Rs.125,600 | Rs.149,000 - Rs.209,400 |
| Andheri Oshiwara | Rs.100,600 - Rs.237,100 | Rs.52,800 - Rs.147,600 | Rs.100,600 - Rs.237,100 |
| Villages | Rs.42,000 - Rs.125,400 | Rs.16,500 - Rs.62,700 | Rs.42,000 - Rs.125,400 |
| Goregaon East | Rs.51,000 - Rs.220,500 | Rs.21,200 - Rs.130,500 | Rs.51,000 - Rs.228,600 |
| Goregaon West | Rs.68,700 - Rs.177,500 | Rs.26,800 - Rs.114,700 | Rs.68,700 - Rs.177,500 |
| Malad West | Rs.98,900 - Rs.170,900 | Rs.45,600 - Rs.86,600 | Rs.98,900 - Rs.170,900 |
| Malad East | Rs.74,600 - Rs.163,100 | Rs.29,500 - Rs.80,500 | Rs.74,600 - Rs.163,100 |
| Dindoshi | Rs.93,700 - Rs.170,200 | Rs.34,000 - Rs.102,200 | Rs.93,700 - Rs.170,200 |
| Malad West South | Rs.99,400 - Rs.158,200 | Rs.45,500 - Rs.88,400 | Rs.99,400 - Rs.163,800 |
| Malad West North | Rs.70,500 - Rs.128,500 | Rs.28,700 - Rs.76,300 | Rs.78,200 - Rs.128,500 |
| Malvani | Rs.78,800 - Rs.106,000 | Rs.38,600 - Rs.63,400 | Rs.78,800 - Rs.106,000 |
| Wadhvan | Rs.64,200 - Rs.130,100 | Rs.25,100 - Rs.64,900 | Rs.64,200 - Rs.130,100 |
| Kandivali West | Rs.130,800 - Rs.130,800 | Rs.73,300 - Rs.73,300 | Rs.130,800 - Rs.130,800 |
| Kandivali East | Rs.42,900 - Rs.169,400 | Rs.32,400 - Rs.91,900 | Rs.131,900 - Rs.169,400 |
| Borivali West | Rs.95,300 - Rs.117,600 | Rs.39,400 - Rs.71,300 | Rs.95,300 - Rs.117,600 |
| Borivali East | Rs.52,800 - Rs.186,800 | Rs.38,800 - Rs.112,100 | Rs.114,100 - Rs.186,800 |
Ready Reckoner in Navi Mumbai for flats, residential and industrial land (per sq meter)
| Locality | Residential (per sq meter) | Industrial (per sq meter) |
|---|---|---|
| Airoli | Rs 80300 | Rs 85700 |
| Kopar khairne | Rs 87700 | Rs 101900 |
| Ghansoli | Rs 76300 | Rs 91500 |
| Vashi | Rs 103000 | Rs 120200 |
| Sanpada | Rs 102000 | Rs 116500 |
| Nerul | Rs 43000 | Rs 55500 |
| New Panvel | Rs 58800 | Rs 71400 |
| Ulwe | Rs 58800 | Rs 71400 |
| Dronagiri | Rs 58800 | Rs 71400 |
| Taloja | Rs 56100 | Rs 65400 |
| Kharghar | Rs 88700 | Rs 97600 |
Ready Reckoner in Thane for flats, residential and industrial land (per sq meter)
| Name | Residential (per sq meter) | Industrial (per sq meter) |
|---|---|---|
| Bhiwandi | Rs 40600 | Rs 47700 |
| Murbad | Rs 32700 | Rs 37300 |
| Shahpur | Rs 36300 | Rs 42000 |
| Ulhasnagar (CAMP A-CAMP-3) | Rs 42600 | Rs 49500 |
| Ambernath | Rs 46500 | Rs 51900 |
| Kalyan | Rs 69100 | Rs 77700 |
| Thane | Rs 83800 | Rs 105200 |
Difference Between Circle Rate and Market Rate in Mumbai
Circle rate:
Circle rate is the minimum set by the Mumbai government for real estate transactions.
It is the base price for calculating stamp duty and registration charges when selling a property.
Circle rates in Mumbai are categorized from A to H based on factors like location, infrastructure, amenities etc. Properties in affluent areas attract higher county tax rates.
County tax rate is calculated by multiplying the built-up area of the property by the applicable tax rate per square meter or square feet, taking into account the age of the property.
Market rate:
Market price is the actual price at which a property is bought and sold in the real estate market.
Market price is influenced by factors such as the size of the property, amenities, and location, and is generally higher than the corresponding county price.
Builders rarely sell properties at county prices, as this would lead to significant losses. Properties are usually not available at county prices.
Market price provides information about the appreciation of property values in a particular area.
To summarize, circle rate is the minimum valuation set by the government while market rate is the actual price determined by market forces and is usually higher than circle rate. Understanding this difference is crucial for buyers and sellers in the Mumbai real estate market.
Amenities rates in Mumbai
Amenities and the market value plays a key role in determining the circle rate of a locality. The circle rates for group housing societies are high as they provide better amenities. The Maharashtra government in Mumbai has levied additional costs on common facilities provided in the group housing societies as mentioned below –
How to Calculate the Circle Rate in Mumbai for Different Property Types
-
Independent Plots: To calculate the Mumbai circle rate of an independent plot, you need to multiply the plot area by the applicable circle rate amount (per square mtr) based on the locality.
-
Builder Floors: To calculate the Mumbai circle rate of a builder floor, multiply the total built-up area by the minimum construction cost of the property. Once done, multiply the product with the age factor applicable to the property.
-
Society Flats: To calculate the Mumbai circle rate of society flats,, multiply the total built-up area by the minimum construction cost of the property. Then, multiply the product by the age factor applicable to the property.
-
Multi-Storey Apartments: To calculate the Mumbai circle rate of a multi-storey apartment, multiply the total built-up area by the property's applicable Mumbai circle rate.
-
Residential Houses: To calculate the Mumbai circle rate of a built-up residential flat, multiply the total built-up area by the minimum construction cost of the property. Once done, multiply the product by the age factor applicable to the property.