One of the most expensive places in India, Colaba, Mumbai is in south Mumbai. Near to the Arabian Sea, this is the place where the Gateway of India is located. The iconic Taj Mahal Palace, the Radio Club, etc., are also located here. The Colaba Causeway is a popular market here, famous for both high-end boutiques and street style fashion. Colaba is also home to Indian industrialist, philanthropist, and former chairman of Tata Sons, Ratan Tata. Anil Ambani and Ravi Shastri also stay in Colaba.
See also: What is the ready reckoner rate in Mira Road, Mumbai?
What is the circle rate?
The circle rate is the minimum price value an immovable property can command. This is decided by state governments based on factors, such as property type, area, etc. The other commonly used terms for circle rate are ready reckoner rate, guidance value, guideline value, etc. In Maharashtra, the circle rate of an area can be checked by the Annual Statement Record (ASR) feature on the IGR Maharashtra portal.
Factors determining the circle rate:
- Location
- Infrastruture
- Connectivity
- Market demand
- Property configuration
- Property usage – residential, commercial, industrial
- Amenities
Circle rate in Colaba: How to check?
First, log on to the IGR Maharashtra website at https://igrmaharashtra.gov.in/Home.
- Click on e-ASR below the stamps section. Click on e-ASR 1.9 version and you will reach here:
Note, there is an e-ASR 2.0 version with updated features. However, it is currently being tested and under Beta phase.
- Next you will see the map of Maharashtra. Click on map, select Mumbai Main. Next, select village as Colaba and you will find the required Annual Statement of Rate.
Colaba circle rates per sqm
| Locality | Residential | Office | Shops | Industrial | Open land |
| Colaba | Rs 2,96,830 | Rs 3,15,100 | Rs 3,73,070 | Rs 2,96,830 | Rs 1,47,320 |
Colaba: Location and connectivity
The nearest railway stations to Colaba are the Chhatrapati Shivaji Maharaj Terminus, and Churchgate. One can reach this area by either taking the Western Line, or the Harbour Line of the Mumbai Suburban Railway. The Eastern Freeway connects Navi Mumbai and central Mumbai easily to Colaba. The water taxis connect Mumbai and Navi Mumbai. The water taxis (currently not operational) have their jetties available from the Gateway of India, Colaba. With the Mumbai Metro Line-3, or the Aqua Line, Colaba will have an additional mode of transportation to other parts of Mumbai. The other projects in the vicinity include the Mumbai Trans Harbour Link and the Mumbai Coastal Road. From here, you can take a ferry to reach Elephanta Caves, Alibaug, etc.
Why to invest in Colaba?
Nariman Point, Cuffe Parade, Navy Nagar, Marine Lines, etc., are neighbouring areas to Colaba. Being one of the oldest areas of Mumbai, this place doesn’t have much open land for new construction. The options available here are mostly resale flats, or projects that have gone into redevelopment.
Residential price in Colaba
According to Housing.com, the average price for buying an apartment in Colaba is Rs 39,143 with the price range being Rs 5,000 – Rs 69,230 per sqft. If you are looking for renting a property here, the average rent is Rs 98,268, with the price range between Rs 40,000 – Rs 3 Lakh.
FAQs
What is the circle rate?
Decided by the state government, the circle rate is the minimum property price fixed by the Maharashtra government.
How do you find the circle rate in Colaba?
You can check the circle rate in Colaba using the IGR Maharashtra portal.
What are the current stamp duty and registration charges in Maharashtra?
The stamp duty charge in Maharashtra for women is 5% and for men is 6%. For joint holders, the stamp duty is 6%. The registration fee is 1% of the transaction value.
Who fixes the circle rate in Colaba?
The Maharashtra government fixes the circle rate in the state.
Can circle rate be lower than the market rate of a property?
Yes. There is a possibility that the circle rate can be lower than the market rate of a property.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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