Ready Reckoner Rate

The ready reckoner rate or the guidance value is the minimum valuation at which a land asset should be registered in the case of a transfer. It aims to prevent stamp duty evasion through the undervaluation of agreements and to reduce disputes over stamp duty quantum.

All state governments publish area-wise ready reckoner rates of properties on a yearly basis.

Ready reckoner rates are the fair value price of a property set by the state government. In such a scenario, the builders can charge premiums over such rates freely. An individual will also be required to provide a higher value to possess a house over the ready reckoner rates. 

Hence, if a state government revises these rates, it implies that a house buyer will have to spend more money than earlier. The ready reckoner rates are one of the biggest sources of revenue for the state government. 

The Government of Maharashtra, for example, has declared that they will increase the ready reckoner rates, implying that the costs of the properties will become higher for the buyers.

The people in Maharashtra are to register their properties through the ready reckoner rates, irrespective of whether the market worth of the property is lesser or more. Based on the ready reckoner rates of the property, the registration fees and the stamp duty are calculated. 

If the market value of the property which has been chosen is lower than its ready reckoner rate, the additional registration fees and the stamp duty must be paid by the buyer to finish the deal. 

The agents get an option to register a complaint with the RERA Maharashtra for transactions lesser than the ready reckoner pricing of a specific property. These rates also help in controlling the speculative prices in Maharashtra. 

Following are a few hiked rates in some of the cities of Maharashtra:

Up to 20% of the premium is charged on Maharashtra’s ready reckoner rates. This amount is charged only on the high-rise buildings in Pune, Navi Mumbai, Mumbai, and Nashik. Following are the charges:

Here are a few ready reckoner rates in some of Mumbai’s key localities:

Here are the ready reckoner rates in few of the key localities in Navi Mumbai:

Here are the ready reckoner rates in few of the key localities in Pune:

Here are the ready reckoner rates in few of the key localities in Thane:

Here are the ready reckoner rates in few of the key localities in Nashik:

Here are the ready reckoner rates in few of the key localities in Nagpur:

Here are the ready reckoner rates in few of the key localities in Aurangabad:

Here are the ready reckoner rates in few of the key localities in Ratnagiri:

Here are the ready reckoner rates in few of the key localities in Jalgaon:

Follow this process to compute the ready reckoner rates: 

•  Assess the built-up area of your respective property. You must consider all the factors, such as the construction’s age, amenities, plot area, no. of floors, etc., into consideration. The built-up area will be considered as the higher value if the real built-up area and 1.2 times the floor’s carpet area have been mentioned in the given documents. 

• Opt for the property you wish to calculate the circle rates for. As a purchaser of a house, the flat or the residential property must be opted for. 

• Opt for the area’s locality that must be selected. The list will comprise all the areas according to the ready reckoner rates’ computation.

• Calculate the minimum assessed value according to the current circle rate.

Follow these steps to check the ready reckoner rates in Maharashtra online: 

• Step 1: Navigate to the official Department of Registration and Stamps Maharashtra website

• Step 2: Click on the section ‘Ease of Doing Business’ section

• Step 3: Scroll down the list to find ‘Check Ready Reckoner Rates’ and click on ‘Know More’

• Step 4: Click on the city’s name you wish to check the ready reckoner rates for in the Map of Maharashtra that appears on the screen

• Step 5: Select the village and the taluka from the drop-down list

For instance, if you choose ‘Mumbai Suburbs’ as a district and ‘Juhu’ as the zone/village, then Juhu’s ready reckoner rate will be displayed. Your preferred locality’s ready reckoner rate will be displayed on your screen.

Follow these steps to check the ready reckoner rates in Maharashtra offline:

• Step 1: Visit the office of the sub-registrar of your respective city 

• Step 2: Contact any of the persons who are authorised in order to receive an offline list of Maharashtra’s ready reckoner rates

• Step 3: Provide the details of your property, such as its area, location, city, owner’s name, etc., to receive the information related to the ready reckoner rates in Maharashtra

You will now have an offline list of the ready reckoner rates, and you can also find your respective property in it to get the necessary information

There are no documents required to check the ready reckoner rates in Maharashtra. However, the following documents are required to submit for the registration of your property in the state of Maharashtra:

• Property owner’s Aadhaar card and PAN card

• Passport-size photograph of both buyer and seller

• Copy of the Municipal tax bill 

• Copy of the property’s registration card 

• Copy of the document of agreement between the property’s original buyer and the builder 

• Copy of the No-objection certificate as per the Land Ceiling Act

• Completion certificate of the construction of the house or the society

• Verified copy of the original old sale deed