Date: August 28, 2023 Author: Team Piramal Realty
The Ready Reckoner Rate is a key factor in real estate transactions that determines the minimum value at which a property can be sold or registered in a particular area. It plays a crucial role in setting the stamp duty and property taxes, acting as a reference point for buyers, sellers, and authorities alike.
At Piramal Realty, we are committed to providing valuable insights that help you navigate the complexities of the real estate market. In this blog, we will guide you through the process of understanding the Ready Reckoner Rate and how to calculate it effectively. Additionally, we will take a closer look at the Ready Reckoner Rate Mumbai, helping you make informed decisions about property investments in the city.
The Ready Reckoner Rate is a government-determined value that specifies the minimum price at which a property can be registered. It is used to calculate stamp duty and taxes during property transactions, providing a standard benchmark for both buyers and sellers. In many cities like Delhi, Dehradun, Noida, Agra, and others, this rate is known as the Circle Rate. In Maharashtra, however, the term Ready Reckoner Rate is used. This rate ensures transparency in the property market by preventing properties from being sold below a certain value.
In Maharashtra, the Ready Reckoner Rate is determined by the sub-registrar’s office and released by the state government. It is the minimum amount or rate at which properties should be sold and serves as an important factor in property transactions. Most new or potential homebuyers may be unaware of this concept, and they might be surprised when this rate becomes relevant in their transactions. Understanding the Ready Reckoner Rate is essential, as it helps in determining the fair value of a property and ensures that the transaction complies with legal requirements.
Those looking for a new home should be aware of the ready reckoner rates to be able to estimate the minimum value of their residential property. The market value of the property at any given time may be high or low, depending on the appreciation of the property, but the property needs to be registered as per the ready reckoner rate.
And then, based on this rate, the stamp duty and the registration fees will be determined. In Maharashtra, Schedule – I of the Maharashtra Stamp Act governs these rates.
So, if the ready reckoner rate is higher than the residential property’s value, one must pay additional stamp duty and registration charges to complete the transaction.
The ready reckoner rate is especially important since several factors can affect it. For instance, the amenities offered in a luxury residential complex will be greater and better than those in other housing complexes. This means that the ready reckoner rate for a luxury apartment will be higher.
Follow these steps to calculate the ready reckoner rate online:
For residential apartments – builder flats/resale apartments in group housing societies, as per 2021-22 it will be a total of
For homes constructed on a plot of land, the calculation will be:
The ready reckoner rate is also known as the Annual Statement Rate (ASR) though it is an official term. Based on the ready reckoner rate, the Collector of Stamps and Registration Department (Maharashtra) must collect the stamp duty and registration fee.
In Maharashtra, the ready reckoner rates differ as per the locality and are annually determined by the state government.
Below are the ready reckoner rates for Mumbai and Thane as of 2021-22:
Mumbai | |
Area | Flats (per sq. mt.) |
Andheri East | ₹1.14 lakhs to ₹2.44 lakhs |
Andheri East Kurla Road | ₹1.08 lakhs to ₹1.58 lakhs |
Andheri East Marol | ₹92,100 to ₹1.57 lakhs |
Andheri Oshiwara | ₹1.01 lakhs to ₹2.37 lakhs |
Andheri Varivali | ₹1.45 lakhs to ₹1.73 lakhs |
Andheri Versova | ₹1.49 lakhs to ₹2.09 lakhs |
Andheri West | ₹1.38 lakhs to ₹2.10 lakhs |
Bandra East | ₹1.11 lakhs to ₹2.90 lakhs |
Thane | |
Area | Flats (per sq. mt.) |
Bhiwandi | ₹40,600 |
Murbad | ₹32,700 |
Shahpur | ₹36,300 |
Ulhasnagar (CAMP A-CAMP-3) | ₹42,600 |
Ambernath | ₹46,500 |
Kalyan | ₹69,100 |
Maharashtra has a Ready Reckoner mobile application with the help of which one can easily check their property details and the ready reckoner rate. Alternatively, one can also visit the official online portal to check the ready reckoner rates, which are subject to change annually.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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