While purchasing a property in Mumbai, calculating the market value of the property is crucial, as the Registration Fee and Stamp Duty applies on the Market value of the property (according to govt. ready reckoner rate) or price decided by the parties, whichever is more. If you want to know how to calculate market value of property in Mumbai, then just follow these simple steps:
Check the property’s built-up area and its other features, such as plot area, age of construction, floor, and amenities. The built-up area is 1.2 times more than the flat’s carpet area and the actual built-up area is specified in the property documents.
Choose the appropriate property type from among the different listed property types (such as a commercial unit or flat or a house or a plot or a builder floor a shop).
Choose the area or locality where the property is situated from the classification available on the official website of the registrar.
Calculate the min. assessed value based on the current ready reckoner rate:
For House Constructed on PlotSum of:
Plot Area (in sq. m.) x applicable ready reckoner rate for flats in that locality (in rupees per sq. m.) x 1.25.
For Residential apartments (resale apartments and builder flats in group housing societies)Sum of:
Flat’s Built-up area (in sq. m.) x applicable circle rate for flats (in rupee per sq. m.) x (floor rise + 1)
Number of covered car parking slots x 25 percent of the ready reckoner rate per unit area
No. of open car parking slots x 40 percent of the ready reckoner rate of land in that area
The comparative or belting technique can be used to determine the value of a potential asset if you already own a property and wish to understand how much it has increased in value over time or if you are intending to buy a new property and would like to learn how much it is worth. The land and building approach, the development method, and the guidance value method are further techniques used to determine the market value of real estate.According to the Maharashtra stamp act, 59 of 1958, and the Maharashtra stamp determination of the genuine market value of property ruled, 1995, the market value is calculated by Ready Reckoner ESR Annual Statement Rate Value set and released every year on December 31. Nowadays, the valuation of property involves a thorough investigation and comprehension of the relevant laws, rules, and regulations, as well as the most recent revisions.
How to calculate the market value of a property: Property value calculator Mumbai
If you want to know the actual market value of your property, you must follow the process and have accurate information about it, including the district, taluka, division, or village where it is situated, the type of property (land, residential, commercial, or industrial), the cadastral survey number (CS) for the Mumbai division, the chain and triangulation survey number (CTS) for the Bombay suburban village, the final plot number (FP), and the street number (SN).You must use the reckoner to identify the division/village, zone/subzone, CS/CTS number, etc. of your property. From the table, you may get the rates for different types of property, including land, homes, offices, shops, and industrial units. Rates are expressed as a hectare or a square metre. With the aid of guidelines for Mumbai, the Mumbai suburbs, and the rest of Maharashtra, you must raise or lower the rate in accordance with numerous valuing variables to determine the property's market value.When determining the market value, there are a number of variants, including the following:
A bungalow, an apartment inside a housing project for groups, a row house, etc.
Multi-story structure with a lift instead of a building without a lift
The market value of property calculation in Mumbai, or anywhere else for that matter, involves several factors. There are some key factors to consider, let us go through the same.
How to Check Market Value of Property?
In a city like Mumbai, location is a major determinant of property value. Factors such as proximity to transportation hubs, schools, hospitals, commercial areas, and overall neighborhood amenities can significantly impact the value.
The size and type of property (apartment, villa, commercial space, etc.) play a crucial role. Larger properties typically command higher prices, and different types of properties have different demand levels.
Understanding the current real estate market trends in Mumbai is essential. Factors such as supply and demand, prevailing interest rates, and economic conditions can influence property values.
Research recent sales of similar properties in the same area to get an idea of the market value. Look at properties with similar size, amenities, and location to yours.
The condition of the property, including its age, maintenance, renovations, and any additional features, can affect its value. Well-maintained properties generally command higher prices.
Ensure that the property has clear legal titles and complies with all regulatory requirements. Properties with legal issues or regulatory non-compliance may have lower market value.
Consider hiring a professional appraiser or valuer who specializes in Mumbai's real estate market. They can provide an expert opinion based on thorough analysis and market knowledge.
Future infrastructure projects, such as new roads, metro lines, or commercial developments, can impact property values. Stay informed about planned developments in the area.
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How to calculate market value of property in Mumbai?
Kiran
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October 6, 2021
2021-10-06T18:11:28+00:00 2021-10-06T18:55:38+00:00Comment
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