What is ready reckoner rate? Let’s try to make it simple that when you want to purchase or buy immovable assets like a home, flat, shop, etc. You have like to know the price of that property, right? But, is there any way to know the actual value of that asset, yes! At this juncture, this ready reckoner rate from the government of Maharashtra gives you a clear picture. Actually, ready reckoner rates are guideline rates for immovable properties like open land, residential flat/ building, commercial properties on upper floors, shops etc for urban areas, and for rural areas they include ready reckoner rates for agricultural lands with different earning potentials, NA lands, lands with NA potential in near future etc, prepared by state governments in India and these rates are updated every year.
Ready reckoner rates in Maharashtra
These ready reckoner rates are based on the data of market rates of similar properties transacted in the locality as evidenced in the property documents registered with state government from time to time. In Maharashtra State, such ready reckoners are published every year since the year 1989.
Initially, such ready reckoners were prepared by the state government to save the loss of revenue in terms of stamp duties payable to the government on the transfer of immovable properties. Because the parties to such transactions were showing the lesser value of the property being transacted to save on such duties and paying the remaining amount in black money to complete the deal.
Importance of ready reckoner rates:
In short, the ready reckoner rates are nothing but fair value price for a property set by the state government, where the builders have the freedom to charge a premium over and above such rates. Clearly, it shows that a person will have to pay a value much higher to own a house over and above the reckoner rates. Therefore, if a state government revises such rates then it means that a home buyer would have to pay more than before. The ready reckoner rates serve as the biggest revenue source to the state governments.
Use of ready reckoner rates:
- Ready reckoner rates basis on which stamp duty is calculated for properties in India.
- Its also used for the tax calculation by income tax department.
- Property tax is also determined by ready reckoner rates.
- In Mumbai, it is used to determine premiums paid by the developer to local bodies.
- It’s usually an average of prices of all immovable properties sold in a previous year. To determine an approximate rate in an area.
Step by step guide to know ready reckoner rates:
Go to Maharashtra government’s online web portal – http://igrmaharashtra.gov.in. You will find bellow looking web page!
On this Department of Registration & Stamps web page, you have to look for Property Valuation under the important links categories on the left-hand side of the bottom.
When you click on to Property Valuation, it will take you to a web page showing bellow.
On this web page, you will find a District name of Maharashtra with a clickable link on it. Here you have to click on concerned district name, where you want to know ready reckoner rates.
On loading of a page, you will find a screen like this.
Here you have to select your taluka. Then, go to a Village or Zone.
After fulfilling all required details, you may see a list of land records with their use and ready reckoner rates. Like bellow image showing.
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- You Are Losing Money If You Don’t Know Super Built Up Area.
- 2 Bedroom Apartments Guide For Yourself Apartment Finder.
So, friends, this is all about knowing an actual rate of your immovable assets in Maharashtra. Other states have also, this ready reckoner rates available, which will cover on this platform in future.