Real estate transactions occur against a benchmark called the circle rate. The circle rate in Kolkata determines the base value of a property during a property transaction, and it differs from one locality to the next. Circle rates affect property valuation and are hence important when taking a mortgage loan or a loan against property. The circle rate also affects the stamp duty to be paid during a transfer of property.
Circle rate is the minimum rate at which real estate transactions can take place and properties can be registered during a transfer of ownership (purchase/ sale). The circle rate in Kolkata is also used to determine the market value of a property.
Property circle rates in Kolkata are revised periodically by the Kolkata Municipal Corporation in accordance with market prices. The circle rate determines the stamp duty charges applicable to a property transaction in Kolkata.
Circles rates vary from one location to the next and are notified by the government based on the market rate as well as factors like amenities, infrastructure, demand, supply, and development. In a prime real estate locale, the circle rate will be high. Below are the current circle rates in Kolkata.
Stamp duty is the tax levied by the government when a property is purchased, and it is usually paid by the buyer. It is applicable on both residential as well as commercial properties. Stamp duty in Kolkata is determined by the ongoing circle rates. If the agreement value of a property is less than the property’s value as per the circle rate applicable, then stamp duty is calculated as per the circle rate value. In case the agreement value exceeds the circle rate value, stamp duty is calculated on the agreement value.
Currently, the stamp duty is calculated according to the following:
1. Property cost: less than Rs.25 lakh
Corporation (Howrah or Kolkata) area: 6%
Notified area / Municipal Corporation/ Municipality: 6%
Other than the above: 5%
2.Property cost: more than Rs.25 lakh
Corporation (Howrah or Kolkata) area: 7%
Notified area / Municipal Corporation/ Municipality: 7%
Other than the above: 6%
There is no discount on the stamp duty rate for women homebuyers in Kolkata.
1. Check the property-related documents to find out the property’s built-up area.
2. Identify the property type: Residential, commercial, institutional, etc.
3. Find out the circle rate in Kolkata as per the locality your property is located in.
4. Calculate the minimum assessment value based on the circle rate: Built-up area (m²) X circle rate in the area (Rs./m²)
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Last update on 11-Mar-2021
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