We all must have noticed that markets follow a simple rule – each product offered to the customer comes with a fixed minimum price that the buyer will have to pay under any circ*mstances. Sure, the cost of the product can go up depending on the external conditions, but it cannot go down than the set limit in any case. The real estate market follows the same principle, and that’s where the ready reckoner rate comes into the picture. It directly affects the whole concept of stamp duty and registration charges collected by the government. Ready reckoner rate in Maharashtra also follows the same conditions. With the change in geographical region and the intent of the project, ready reckoner rates keep changing. To know more about Maharashtra’s ready reckoner rate, continue reading further. Each year an ASR (Annual Statement Rate or Ready Reckoner Rate) is set, and it is made applicable for the period of 1st April to 30th March – fiscal year.
What is a Ready Reckoner Rate?
Also commonly termed as circle rate, the ready reckoner rate is a fixed minimum amount set by the state governments for a commercial, residential, or plotting property. The state government notifies this value to the city’s respective registrar or sub-registrar office to register the property transactions accordingly. Once the ready reckoner rate is decided, the person looking to purchase property must pay this decided the amount, there is no way to make a lower payment than this. Read: How to Pay Noida Water Bill Payment Online in 2023
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Why is the Ready Reckoner Rate an Important Concept?
Apart from the location influence, production details, and property classification into commercial, residential, or plotting categories, the ready reckoner rate is an essential aspect in determining the final cost of any construction project. For every transaction between the homebuyer and the developer in the real estate market, the state government earns money by imposing particular stamp duty and registration charges. An increase in the ready reckoner rate means that the stamp duty and construction charges ramp up as well. In a way, the ready reckoner rate is needed to maintain a financial balance in the real estate market and give prospective homebuyers an idea about the money required to buy property in a specific location.
Maharashtra Ready Reckoner Rate
Maharashtra’s real estate industry is known for its ever-increasing demand and exorbitant prices through the years. As India’s financial capital is Mumbai, Maharashtra enjoys the status of having some of the costliest properties in the country. With the increasing number of people migrating to Mumbai, Pune, and nearby areas, the demand for real estate has skyrocketed in the state, thus allowing developers to work on multiple new projects that are sure to be profitable. Read: Capital Gains Tax – The Surcharge on the Long-Term Capital Gains (LTCG) Has Been Capped at 15%
COVID-19 resulted in the halt of various construction projects and led to an increase in unsold inventory. To support the realty sector during this downflow, the Maharashtra state government decided to waive stamp duty on the ready reckoner rate by 3% in August 2020 from September to December and 2% from January to March 2021. This led to an increase in property registrations, and developers were hopeful that IGR Maharashtra’s ready reckoner rates could fall. However, on September 12, 2020, the state government announced a 1.74% increase in the ready reckoner rate. The Mumbai ready reckoner rate, the cut was 0.6%.
Pune Ready Reckoner Rate 2022-2023
One of the most important cities of Maharashtra, Pune, along with its suburbs, is divided into 19 zones. These zones are further divided into 221 sub-zones – the ready reckoner rate in Pune changes with the location of the property and the availability of basic amenities. Generally, Maharashtra’s ready reckoner rate for residential properties is lower than that for commercial properties. It is also dependent on the type of property like flats/apartments, independent houses, or a plot. Read: All You Need to Know about BESCOM Online Bill Payment
Keeping in mind the popularity of high-rise apartment floors, the government of Maharashtra and the Pune registrar office imposes a premium on the ready reckoner rate.
Floor Category
Premium Charged
Up to the 4th floor
Nil
5-10th floor
5%
11-20th floor
10%
21-30th floor
15%
31st floor and above
20%
The state government announced that Pune would not be allowed to extend the 2% stamp duty waiver from April onwards. However, a 1% stamp duty waiver was introduced on March 8, 2021, for women-women transactions on residential properties. It is not applicable in the case of plots and male co-owners. Women buyers are also not allowed to resell the property to any male buyer within the next 15 years. They would be responsible for paying 1% stamp duty, interest on it, and a penalty. There are no changes in ready reckoner rates for the financial year 2022-23.
Stamp duty in Pune is based on a certain percentage of the higher declared agreement value and assessed value mentioned in the ready reckoner rate chart. Registration charges are additionally levied over the stamp duty to balance the cost incurred by running registration offices.
Category
Stamp Duty Rate
Male
6%
Female
5%
Male and Female co-owners
6%
While calculating the stamp duty, stilt and open parking is a factor that affects the assessed value. If a parking lot is attached to an apartment, its value is computed as – Read: A Complete Guide to Faridabad Water Bill Payment, Online Status Check and Payment
Stilt/Covered Parking
(Area of parking lot) X (25% of the ready reckoner rate per unit area for the property)
Open Parking
(Area of parking lot) X (40% of the ready reckoner rate of developed land in that area)
Ready Reckoner Rate Mumbai 2022-2023
The financial capital of India, Mumbai, is divided into 19 zones and 221 subzones based on numerous factors like major arterial roads and railway lines, western express highway, harbour line, marine drive, etc.
Similarly, the Maharashtra government and Mumbai registrar office also impose a premium on the ready reckoner rate for high-rise apartment floors. However, the premium stays the same as that of Pune.
Valuation for stilt/closed and open parking lot for computation of assessed value for stamp duty also remains the same as that of Pune.
Stamp duty rates in Mumbai are –
Category
Stamp Duty Rate
Male
5%
Female
4%
Male and Female co-owners
5%
How To Calculate Ready Reckoner Rate (2022-2023)?
The steps to be followed are –
Compute the built-up area of the property and check different factors like floors, amenities, age of construction, plot area, and more. Between the value of – the actual built-up area mentioned in the property documents and 1.2 times the carpet area of the floor, the built-up area is considered the onewith a higher value.
In the list of all property types, including flat, house, shop, commercial unit, etc., choose the one applicable.
Select the location of the area from the list mentioned on the registrar’s office website.
Calculate the minimum assessed value according to the current ready reckoner rate as below:
Residential apartments
For builder flats and resale apartments in group housing societies, the sum of:
Built-up area of the property in square meters multiplied by applicable ready reckoner rate for flats in Rs. per per square meter * (1 + floor rise)
Number of open car parking slots * 40% of the ready reckoner rate of developed land in that zone
Number of covered car parking slots * 25% of the ready reckoner rate per unit area applicable for the property
House Constructed on Plot
Sum of:
Area of plot in square meter multiplied by applicable ready reckoner rate for flats in that area in Rs. per square meter multiplied by 1.25.
Annual Statement Rates (ASR), also known as Ready Reckoner, are the immovable property fare rates, based on which market value is calculated, whereas stamp duty is charged as per Schedule I of the Maharashtra Stamp Act, on the type of instrument and amount mentioned in it, whichever is higher under the article, and stamp duty is collected on the document by the Collector of Stamps and Registration Department.
The Annual Statement Rate is set by the state government on an annual basis and varies by locality in a state, such as Urban Area, Influence Area, and Rural Area. ASR rates are established by local authorities such as the Municipal Corporation, Municipal Council, Cantonment Board, Nagar Panchayat, and Gram Panchayat in jurisdictions administered by them.
Premium charged on Ready Reckoner Rate in Maharashtra
The Annual Statement Rate is set by the state government on an annual basis and varies by locality in a state, such as Urban Area, Influence Area, and Rural Area. ASR rates are established by local authorities such as the Municipal Corporation, Municipal Council, Cantonment Board, Nagar Panchayat, and Gram Panchayat in jurisdictions administered by them.
Floors
Premium Charged
Up to 4
Nil
5-11
5%
11-20
10%
21-30
15%
31 and above
20%
EASR rates in Pune, EASR rates in Nagpur and IGR Maharashtra ready reckoner are easily accessible and pocket-friendly.
Ready Reckoner Rate in Relation to Real Estate Purchasing Power
You might have noticed that the property price for each area is variable. For example, 10 Acres in a rural location might seem affordable to you. Still, the idea of purchasing a similar size property in a metropolitan city like Mumbai or Delhi will have any average citizen running for the hills. Depending on the location, connectivity to cities, and availability of all basic facilities, the property price of an area can keep changing. To ensure a balance in the real estate market, the state government sets a minimum value of a property below which the transaction can’t occur. This value is called the ready reckoner rate. Maharashtra’s ready reckoner rate increased in September 2020. Since it’s a great time to buy property, why not start your house search on NoBroker! You can save lakhs on brokerage and get the house of your dreams at the best price! Click the link below to start your home search. Need any help with the Maharashtra Ready Reckoner Rate click below.
FAQ’s
Q1. How to check the ready reckoner rate online in Mumbai?
Ans. You can check the ready reckoner rate from the registrar’s office website.
Q2. What is the ready reckoner Mumbai rate cut?
Ans. Ready reckoner rate cut for Mumbai is 0.6%.
Q3. What is the ready reckoner rate?
Ans. The ready reckoner rate is the minimum value of a property set by the state government. Below the ready reckoner rate, no registration of property transactions is accepted by the government.
Q4. How does the ready reckoner rate affect stamp duty and registration charges?
Ans. Stamp duty and registration charges increase with a rise in the ready reckoner rate.
Q5. How to calculate the ready reckoner rate for Mumbai?
Ans. You can check the ready reckoner rate for Maharashtra locations here.
You can check the circle rates in Maharashtra on the Department of Registration and Stamps website. Also, you can visit the Sub-Registrar's office in your city and get an updated ready reckoner rate list from the authorised officials there.
March 2023: According to recent reports, the stamp duty in Maharashtra may be hiked by 1 percent. If a hike of 1 percent is enforced, the total stamp duty in Maharashtra will rise to 7 percent from the present 6 percent. In addition to this, stamp duty in Navi Mumbai, Thane and Pune will also rise to 8 percent.
For homes constructed on a plot of land, the calculation will be: The total plot area (sq.mt) x the given ready reckoner rate (in ₹) per square meter x 1.25.
The applicable stamp duty on property in Maharashtra and the related property deeds are as follows. 5% on property within municipal areas and 3% on properties within the gram panchayat provisions.
A ready reckoner is a printed book or table containing pre-calculated values, often multiples of given amounts. They were widely used in shops and by tradesmen before the advent of cheap electronic calculators, metric weights and measures and decimal currencies in the 1970s.
The current Stamp Duty in Pune 2021-22 is 6% of the market value of the property and is broken down as follows: The stamp duty is 4% Local Body Tax (LBT) is 1% Transport Surcharge is 1%
When any instrument of transfer of shares in a Company or Association is written on a sheet of paper on which a stamp of the proper value is engraved or embossed, and the value of the stamp so engraved or embossed is subsequently, in consequence of a rise the value of such, shares, found to fall short of the amount of ...
Taxmann's bestseller for 40+ years, is a ready-referencer for all provisions of the Income-tax Act, covering an illustrative commentary. [Ready Referencer] for tax rates, TDS rates, TCS rates, due dates, etc.
To estimate property values in the current market, divide the net operating income by the capitalization rate. For example, if the net operating income were $100,000 with a five percent cap rate, the property value would be roughly $2 million.
Capital Value = Rate of the base value/ Market value of the property (based on the Ready Reckoner) x Built-up area x Age factor x Type of building X Category of use X Floor factor. There are different weights assigned for various factors like construction type, age of the building, and user category.
To stimulate the real estate sector in the aftermath of the COVID-19 pandemic, the Maharashtra government has announced a reduction in stamp duty charges from April 1, 2021 to March 31, 2022. ... Stamp Duty In Pune: Area Wise.
A stamp paper that has to be bought either in the seller's name or the buyer's name is valid for six months, given that the stamp duty is paid on time. In simple terms, any type of property document is only legal when the stamp duty is paid.
Effective April 1, 2023, stamp duty charges in Maharashtra may increase by 1%, mentions a Loksatta report. With this, the existing stamp duty of 6% in Mumbai will become 7%. The existing stamp duty of 7% in Navi Mumbai, Pune and Thane will become 8%.
If you want to access old land records in Maharashtra, you will have to access the Mahabhulekh web portal. For obtaining 7/12 Utara: Visit https://www.bhulekh.mahabhumi.gov.in/. Select the geographical location from the drop down menu.
The market value of land or the guidance value of a property is the estimated value of the land as per the records maintained by the respective state Government. It is also called as circle rate in some states and is the minimum value at which the sale of a property can be registered with the state Government.
The stamp duty on flat in Pune for women are 5% of the property's market value. For men, these charges are 6%. However, the registration charges are the same for both women and men property owners. ...
The stamp duty charges for the under-construction or resalable properties within the urban areas are 5% on the property's market value from 1st April 2021. The registration charges are Rs 30,000 if the property value is above Rs 30 lakh and 1% of the property value if the worth of the property is under Rs 30 lakh.
The Market Value is determined by ready reckoner (ASR) Annual Statement Rate value fixed and published every year on 31st December, under the Maharashtra Stamp Act, (59 of 1958) and the Maharashtra Stamp (Determination of True Market Value of Property) Rule, 1995.
MUMBAI: There will be no change in ready reckoner (RR) rates in the state for the forthcoming financial year. The last time the rates were increased for Mumbai was in 2020-21, by 1.74%. Fresh RR rates come into force annually from April 1.
The Ready Reckoner rate is reviewed periodically and revised, to bring it closer to market rates. As real estate transactions take place in the private realm and the price is often not disclosed, state governments need a benchmark, to ensure that they do not lose out on an important source of revenue.
For urban areas in Mumbai, the current stamp duty rate is 5% of the agreement value or the market value, whichever is greater. Additionally, a 1% fee is in effect from April 1 through August 31 of 2021, and a 2% surcharge is in effect from September 1 2021 through March 31 of 2022.
The fees to transfer a property (which has an annual property tax up to Rs 500) is Rs 500. These fees will be increased to Rs 1,000. If the property tax amount goes beyond a limit (Rs 500) then the civic administration charges an additional fee of Rs 15 for every Rs 100.
50/- to Rs.25,000/- are procured from India Security Press, Nashik, Maharashtra State. They are distributed to the 6 nodal districts and from there to Sub Treasuries and from Sub Treasuries to the Stamp Vendors, and From Stamp Vendors to the General Public.
What is the Maharashtra Stamp Act? The Bombay Stamp Act 1958 now known as the Maharashtra Stamp Act 1958, applies to every one of the agencies that are referenced in Maharashtra Stamp Act Schedule 1, on which the stamp duty is payable to the state.
Such instruments can be admissible in evidence on payment of the requisite amount of duty and a penalty @ 2% per month on the deficient amount of duty calculated from the date of execution.
1. New Jersey. New Jersey earns the top spot as highest property taxes not only in property tax rate, which is over the 2% mark, but in the actual dollars spent in property taxes; here the average home value is the highest on the list.
All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.
Only the wealthiest estates pay the tax because it is levied only on the portion of an estate's value that exceeds a specified exemption level — $5.49 million per person (effectively $10.98 million per married couple) in 2017.
The properties used to solve an equation are the properties of the relationship of equality, reflexivity, symmetry and transitivity and the properties of operations. These properties are as true in arithmetic and algebra as they are in propositional language.
For homes constructed on a plot of land, the calculation will be: The total plot area (sq.mt) x the given ready reckoner rate (in ₹) per square meter x 1.25.
You can check the circle rates in Maharashtra on the Department of Registration and Stamps website. Also, you can visit the Sub-Registrar's office in your city and get an updated ready reckoner rate list from the authorised officials there.
You can simply visit the online web portal of the Department of Stamps and Registration to find the circle rates for your chosen property in Karnataka. Fixed Registration Prices: Circle rates in Karnataka help both buyers and sellers get the fixed registration prices for their selective property.
A few basic circle formulas related to circles are given below: Diameter of a Circle ⇒ D = 2 × r, where 'r' is the radius. Circumference of a circle ⇒ C = 2 × π × r, where 'r' is the radius. Area of a circle ⇒ A = π × r2, where 'r' is the radius.
An average of Rs2 per square ft was charged as property tax per annum by the gram panchayat. PMC charges Rs2 per sq ft per month, taking the tax amount up significantly to around Rs24 per sq ft per year.
Here is the applicable stamp duty in Maharashtra after march 2021. Individuals should check the list before paying the taxes. ... Stamp Duty in Maharashtra as Per Area Type.
As per Section 55 of the Registration Act 1908, Index II or Index 2 is a legal certificate that states all the details of property registration, along with the necessary documents submitted at the Sub-Registrar Office (SRO) for records.
Introduction: My name is Rueben Jacobs, I am a cooperative, beautiful, kind, comfortable, glamorous, open, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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