The new circle rate Mumbai has significantly impacted the state’s real estate market. In some areas, the increased rates have made it challenging for buyers to find affordable properties. Conversely, there has been a rise in demand for properties in regions where rates have decreased. But do you think the circle rate Mumbai has made it difficult for developers to offer affordable housing projects? Don’t worry; we have your back. This guide will explore the reasons behind the current circle rate list in Mumbai and its implications for the real estate market, helping you navigate these new challenges.
Table of contents
- Circle Rate in Mumbai 2024-2025: Latest Updated List
- Current Circle Rate in Mumbai
- RR Rate changes in Mumbai: Updated 2025
- What are Circle Rates in Mumbai?
- Fees and Recent Charges in Property Ownership in Mumbai
- Factors Which Affect the Circle Rate in Mumbai
- How to Calculate Property Value in Mumbai Using Circle Rate for Stamp Duty Payment?
- Benefits of Circle rate in Mumbai
- FAQ’s about Circle Rate in Mumbai
Circle Rate in Mumbai 2024-2025: Latest Updated List
Before we examine the Mumbai circle rate list, let’s consider what the circle rate actually means and how it impacts property prices.
Circle rates are the minimum authority-defined prices for a property sale or transfer between two parties. It is also known as the Ready Reckoner or Guidance Value, or even the stamp duty value, i.e., the rate at which the stamp duty is to be paid. The state government’s revenue department sets these speculative prices, which can vary from place to place. To understand it better, these rates serve as the benchmark for property transactions. Furthermore, these are essential for calculating stamp duty and registration charges.
These circle rates majorly depend on factors such as market value in the area, infrastructure, facilities available, etc. To illustrate, the government of Maharashtra has divided Mumbai into 19 specified zones to determine circle rates. These zones range from high-value areas, like South Mumbai, which includes posh localities such as Colaba and Nariman Point, to more affordable areas, like the sub-locations of Malad and Kandivali. This categorisation helps in setting appropriate circle rates based on the varying market values and development levels of different areas within the city.
Read on to learn about the current circle rate list in Mumbai below.
Current Circle Rate in Mumbai
The current circle rate in Mumbai for the year 2024 reflects a balanced approach to match market trends and government regulations. The rates are carefully assessed to ensure they represent fair property values across different zones in Mumbai.
As of 2024, the circle rates in Mumbai vary significantly across different areas. For example, in prime localities like South Mumbai, the rates can be substantially higher compared to suburban areas. These rates are determined based on factors such as infrastructure, connectivity, and the overall development of the area.
Here’s a detailed table highlighting the Mumbai circle rate list in various localities of the city (per square meter):
| Localities | Flats/Apartments | Residential Land | Industrial Land |
| Byculla | ₹82,000 – ₹469,900 | ₹38,500 – ₹214,200 | ₹93,400 – ₹469,900 |
| Colaba | ₹280,400 – ₹652,100 | ₹130,400 – ₹339,000 | ₹280,400 – ₹652,100 |
| Fort | ₹182,100 – ₹592,300 | ₹97,000 – ₹296,500 | ₹182,100 – ₹592,300 |
| Nariman Point | ₹413,700 – ₹576,300 | ₹192,200 – ₹308,700 | ₹413,700 – ₹576,300 |
| Princess Dock | ₹158,900 – ₹240,200 | ₹56,400 – ₹130,600 | ₹158,900 – ₹240,200 |
| Mandvi | ₹126,000 – ₹221,200 | ₹65,700 – ₹130,600 | ₹126,000 – ₹221,200 |
| Marine Drive | ₹164,800 – ₹445,600 | ₹83,300 – ₹221,800 | ₹164,800 – ₹445,600 |
| Girgaum Chowpatty | ₹165,400 – ₹450,700 | ₹78,900 – ₹256,400 | ₹165,400 – ₹450,700 |
| Malabar & Cumballa Hills | ₹339,500 – ₹861,000 | ₹185,700 – ₹475,400 | ₹339,500 – ₹861,000 |
| Tardeo | ₹171,300 – ₹337,400 | ₹82,600 – ₹184,700 | ₹171,300 – ₹337,400 |
| Mazgaon | ₹69,400 – ₹217,600 | ₹27,100 – ₹97,400 | ₹69,300 – ₹217,600 |
| Parel Sewri | ₹84,600 – ₹335,700 | ₹26,200 – ₹144,500 | ₹97,600 – ₹335,700 |
| Lower Parel | ₹178,300 – ₹523,600 | ₹48,800 – ₹236,100 | ₹178,300 – ₹523,600 |
| Worli | ₹172,500 – ₹587,800 | ₹77,700 – ₹318,200 | ₹172,500 – ₹587,800 |
| Dadmetre | ₹71,300 – ₹222,000 | ₹40,200 – ₹102,300 | ₹99,800 – ₹222,000 |
| Salt Pan | ₹91,600 – ₹191,900 | ₹46,000 – ₹85,800 | ₹91,600 – ₹191,900 |
| Matunga | ₹142,500 – ₹252,000 | ₹56,300 – ₹113,600 | ₹142,500 – ₹252,000 |
| Mahim | ₹214,500 – ₹381,500 | ₹98,600 – ₹210,500 | ₹214,500 – ₹381,500 |
| Dharavi | ₹73,600 – ₹88,000 | ₹25,000 – ₹42,900 | ₹73,600 – ₹88,000 |
| Sion | ₹127,700 – ₹233,300 | ₹55,300 – ₹115,900 | ₹127,700 – ₹233,300 |
| Bandra Reclamation | ₹242,600 | ₹148,100 | ₹242,600 |
| Bandra West | ₹131,700 – ₹449,600 | ₹74,500 – ₹299,900 | ₹131,700 – ₹449,600 |
| Bandra East | ₹111,400 – ₹289,900 | ₹57,900 – ₹169,000 | ₹117,800 – ₹289,900 |
| Parigha Creek | ₹89,100 – ₹171,700 | ₹35,200 – ₹93,400 | ₹89,100 – ₹171,700 |
| BKC & Kalina | ₹129,400 – ₹344,000 | ₹78,100 – ₹206,800 | ₹133,900 – ₹344,000 |
| Bapnala | ₹91,200 | ₹40,900 | ₹108,500 |
| Sahar | ₹140,800 | ₹69,600 | ₹140,800 |
| Brahamanwada | ₹120,000 – ₹136,700 | ₹65,100 – ₹71,100 | ₹128,000 – ₹136,700 |
| Andheri East | ₹114,000 – ₹243,600 | ₹58,900 – ₹142,200 | ₹114,000 – ₹243,600 |
| Vile Parle East | ₹93,100 – ₹215,600 | ₹46,200 – ₹129,500 | ₹109,500 – ₹215,600 |
| Vile Parle West | ₹176,300 – ₹273,200 | ₹105,600 – ₹160,500 | ₹176,300 – ₹273,200 |
| Juhu | ₹230,700 – ₹376,600 | ₹136,900 – ₹227,400 | ₹230,700 – ₹376,600 |
| Andheri West | ₹137,500 – ₹210,100 | ₹70,600 – ₹136,500 | ₹150,800 – ₹210,100 |
| Andheri East – Kurla Road | ₹108,300 – ₹158,200 | ₹60,000 – ₹81,700 | ₹108,300 – ₹158,200 |
| Andheri East Marol | ₹92,100 – ₹157,300 | ₹50,200 – ₹95,100 | ₹92,100 – ₹157,300 |
| Parjapur Andheri | ₹85,400 | ₹39,800 | ₹91,100 |
| Andheri Varivali | ₹144,900 – ₹173,000 | ₹76,400 – ₹103,700 | ₹144,900 – ₹173,000 |
| Jogeshwari West | ₹88,400 – ₹196,900 | ₹40,000 – ₹124,700 | ₹88,400 – ₹196,900 |
| Jogeshwari East | ₹115,100 – ₹210,600 | ₹60,800 – ₹117,200 | ₹115,100 – ₹210,600 |
| Madh Village | ₹58,400 | ₹22,600 | ₹79,900 |
| Andheri Versova | ₹149,000 – ₹209,400 | ₹74,700 – ₹125,600 | ₹149,000 – ₹209,400 |
| Andheri Oshiwara | ₹100,600 – ₹237,100 | ₹52,800 – ₹147,600 | ₹100,600 – ₹237,100 |
| Villages | ₹42,000 – ₹125,400 | ₹16,500 – ₹62,700 | ₹42,000 – ₹125,400 |
| Goregaon East | ₹51,000 – ₹220,500 | ₹21,200 – ₹130,500 | ₹51,000 – ₹228,600 |
| Goregaon West | ₹68,700 – ₹177,500 | ₹26,800 – ₹114,700 | ₹68,700 – ₹177,500 |
| Malad West | ₹98,900 – ₹170,900 | ₹45,600 – ₹86,600 | ₹98,900 – ₹170,900 |
| Malad East | ₹74,600 – ₹163,100 | ₹29,500 – ₹80,500 | ₹74,600 – ₹163,100 |
| Dindoshi | ₹93,700 – ₹170,200 | ₹34,000 – ₹102,200 | ₹93,700 – ₹170,200 |
| Malad West South | ₹99,400 – ₹158,200 | ₹45,500 – ₹88,400 | ₹99,400 – ₹163,800 |
| Malad West North | ₹70,500 – ₹128,500 | ₹28,700 – ₹76,300 | ₹78,200 – ₹128,500 |
| Malvani | ₹78,800 – ₹106,000 | ₹38,600 – ₹63,400 | ₹78,800 – ₹106,000 |
| Wadhvan | ₹64,200 – ₹130,100 | ₹25,100 – ₹64,900 | ₹64,200 – ₹130,100 |
| Kandivali West | ₹130,800 | ₹73,300 | ₹130,800 |
| Kandivali East | ₹42,900 – ₹169,400 | ₹32,400 – ₹91,900 | ₹131,900 – ₹169,400 |
| Borivali West | ₹95,300 – ₹117,600 | ₹39,400 – ₹71,300 | ₹95,300 – ₹117,600 |
| Borivali East | ₹52,800 – ₹186,800 | ₹38,800 – ₹112,100 | ₹114,100 – ₹186,800 |
RR Rate changes in Mumbai: Updated 2025
Below are the rate increases for a few major cities in Maharashtra.
| City | Revised Rate |
| Thane | 9.48% |
| Navi Mumbai | 8.90% |
| Panvel | 9.24% |
| Pune | 6.12% |
| Pimpri Chinchwad | 12.36% |
| Nasik | 12.15% |
| Mumbai | -0.60% |
| Raigad | 3% |
| Rural Area | 1.74% |
| Municipal Corporation Areas | 1.02% |
| Municipal Council Areas | 1.29% |
Note: The Maharashtra government has declared that the ready reckoner (RR) rates will stay the same for the financial year 2024-25. This marks the second consecutive year that these rates have not been altered in the state.
What are Circle Rates in Mumbai?
Circle rates Mumbai are the government-determined minimum property values for different areas. In Mumbai, circle rates are popularly known as ready reckoner rates. These rates are essential for the calculation of stamp duty and registration charges during the sale or transfer of property. The rates are set to ensure that properties are not undervalued for taxation purposes.
These are notified for 19 designated zones and are determined based on the current market value to ensure transparency and accuracy in property transactions. Differentiated for various property types, circle rates for commercial properties like offices and shops differ from those for residential properties such as apartments and flats, typically exceeding Rs 42,000 per square metre. Updated annually to reflect market trends, these rates vary significantly across zones, ensuring that each area’s specific conditions and amenities are taken into account. Understanding these rates is essential for making informed decisions in Mumbai’s real estate market.
Fees and Recent Charges in Property Ownership in Mumbai
Along with the circle rate Mumbai, property buyers must consider additional fees such as stamp duty, registration charges, and other legal fees. The stamp duty in Mumbai is currently 5% of the property value, and the registration charge is 1% of the property value, subject to a maximum of ₹30,000.
Besides the circle rate Mumbai, several additional fees and charges apply when purchasing a property in Mumbai. Let’s have a look at these –
| Fee Type | Description |
| Stamp Duty | Varies between 3% to 5% of the property’s market value. |
| Registration Fees | Approximately 1% of the property’s market value. |
| Legal Fees | Costs for legal documentation and verification. |
| Society Charges | Fees for membership in the housing society. |
| Maintenance Charges | Annual maintenance fees for common areas and amenities. |
| Goods and Services Tax (GST) | Applicable on under-construction properties, typically 5%. |
Factors Which Affect the Circle Rate in Mumbai
The ready reckoner rates in Maharashtra vary across different cities, localities, and between commercial and residential spaces. Several factors influence the circle rate Mumbai, including:
- Location: The location directly impacts the Mumbai circle rate list. For instance, prime locations have higher circle rates than rural areas.
- Infrastructure Development: Amenities like proximity to metro stations, airports, and highways also influence the area’s rates.
- Property Type: Residential, commercial, or industrial properties have different rates. For example, a commercial property will have a higher reckoning rate than a residential property in the same area. Also, the circle rate of a plot is comparatively higher than that of a flat or an apartment.
- Economic Conditions: General economic stability and growth in the region also impact the property market value.
How to Calculate Property Value in Mumbai Using Circle Rate for Stamp Duty Payment?
To calculate the circle rate in Mumbai and know the property value for stamp duty payment, follow these simple steps:
- Identify the Circle Rate: Find the applicable circle rate for the specific location and property type.
- Measure the Property Area: Determine the total area of the property in square metres or square feet.
- Calculate the Value: Multiply the property area by the circle rate to get the property’s value.
- Compute Stamp Duty: Apply the relevant stamp duty percentage to the calculated property value.
Example:
- Circle rate for Andheri: ₹60,000 per sq. metre
- Property area: 100 sq. metres
- Property value = 100 * 60,000 = ₹60,00,000
- Stamp duty (5%) = ₹60,00,000 * 0.05 = ₹3,00,000
Benefits of Circle rate in Mumbai
Circle rates Mumbai offer several benefits that help both buyers and sellers in the real estate market:
- Fair Property Valuation: Circle rates ensure that properties are not undervalued. This also leads to fairer prices during transactions.
- Transparent Transactions: By providing a standard rate, circle rates make property deals more transparent and trustworthy.
- Government Revenue: These rates help the government collect the right amount of stamp duty and registration fees. These are later used for public services and infrastructure.
- Reduced Disputes: As these rates give a clear valuation benchmark, there are fewer disputes over property prices between buyers and sellers.
- Curbing Black Money: Circle rates help reduce the use of unaccounted money in property transactions, promoting cleaner deals.
Key Takeaways on Circle Rate in Mumbai
Circle rates Mumbai provides standardised benchmarks for property valuation. Ensuring transparency and fairness in real estate transactions. The Maharashtra government sets the minimum rate for immovable property, known as the Ready Reckoner Rate. Be sure to review the rate list before purchasing a property.
FAQ’s about Circle Rate in Mumbai
Q1. What is the current circle rate in Mumbai?
The circle rate in Mumbai varies based on location and property type. It is set by the government and serves as the minimum property valuation for stamp duty and registration.
Q2. How do you calculate land prices in Mumbai?
Land prices in Mumbai are calculated by multiplying the area of the property with the government-set circle rate for that specific location and property type.
Q3. Can the property be purchased below the circle rate in Mumbai?
Generally, buying property below the circle rate is discouraged due to tax implications. However, under certain conditions, transactions up to a specified percentage below the circle rate may be permitted.
