Maharashtra Ready Reckoner Rate 2024

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 circumstances. 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. 

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.

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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. 

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. 

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.

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 - 

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 - 

1. 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 one with a higher value. 
2. In the list of all property types, including flat, house, shop, commercial unit, etc., choose the one applicable.
3. Select the location of the area from the list mentioned on the registrar's office website.
4. 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.

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.

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