Ready reckoner rates in Mumbai.

Q: There was some mistake on behalf of Mumbai authorities on RR rates in some parts of Mumbai. When will we get to know the correct prices?

Puneet Laskar,

7th January 2013

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Lowest sub-divisional RR rate hike of 5% was seen in three sub-divisions of Colaba.
Lower Parel taluka saw big gap in rate increases across sub-division, ranging from 2% to 35%.
Worli taluka witnessed lower and more uniform hikes in RR rates compared to other talukas.
Mahim taluka witnessed moderate hike in RR rates that ranged between 5% to 20%

Kishore Pathak, Mumbai

22nd January 2015

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Ready reckoner rates in Mumbai-Island City:- Average Ready Reckoner Rate increase in Colaba in 2015 compared to last year is 10.4% for plots/land and residential apartment-10.8%.
Lower Parel:- land/plots-8.9% and residential apartment-9%
Worli:- Land/plots-4.5% and Residential apartment-4.7%
Mahim- land/plots-9.3% Residential apartment-9.5%

Kishore Pathak, Mumbai

22nd January 2015

Comment

Hi,
Maharashtra government announced new ready reckoner (RR) rates for Mumbai for 2015, hiking them by as much as 40% in some areas.

The ready reckoner (RR) is a guide published annually by the state government, which determines the rate of properties in the particular area, on which stamp duty and registration charges are calculated.

Kishore Pathak, Mumbai

22nd January 2015

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The ready reckoner rates then definitely going to increase the property price. :( :(

Puneet Laskar,

6th January 2014

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In 2013, a flat in a new building, you would have paid Rs 9.16 lakh stamp duty, and around Rs 6.4 lakh in a 20-year-old building and in 2014, for example, if you would have to shell out Rs 10.1 lakh stamp duty for a new 1,000-square-foot flat in Bandra, you would pay Rs 9.2 lakh for a flat in a 20-year-old building

Harmeet Kaur,

6th January 2014

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Can anyone explain what is ready reckoner rates?

Puneet Laskar,

6th January 2014

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Earlier ready reckoner rates were based on carpet area but from 2008 the ready reckoner rates are based on built up area. The ready reckoner is used as a basis to calculate the market value of properties for paying stamp duty and registration charges to the state government at the time of registering the transaction.

Dwarkesh,

6th January 2014

Any idea how much the Maharashtra Government has hiked the ready reckoner rates and from when they are going to revise the rates?

Puneet Laskar,

6th January 2014

Despite falling sales due to unaffordability, the Maharashtra Government has hiked ready reckoner rates by up to 20% in Mumbai, the most expensive property market in the country. The revision in ready reckoner rates is applicable from January 1, 2014.

Suresh Khanna, Mumbai

6th January 2014

Infact there are locations like Nepean Sea Road, Altamount Road, Worli and Prabhadevi have seen a hike of more than 20% and are most affected among the city areas. The hike has come as a surprise to many Mumbaikars.

Dwarkesh,

6th January 2014

I heard that new ready reckoner rates has hiked cost flats too. Is the news true?

Lokesh Patwa,

6th January 2014

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The news is absolutely true. Today if you are planning to buy an old flat in Mumbai, you wont be able to avail the full 30 percent depreciation in the property's value because the hike in RR rates has lowered the depreciation benefit for flats in 20 years old buildings to merely 2 percent to 11 percent. As a result, stamp duty to be paid on old and new flats will no longer vary substantially

Suresh Khanna, Mumbai

6th January 2014

The stamp duty officials in Mumbai have admitted to the errors about ready reckoner (RR) rates that were announced recently.Now, after the correction, the prices have been appropriately hiked from 5 percent to 20 percent similar to the other parts of the city. The new one will be amended after issuing a corrigenda and will be showed in the RR that the department uploads online.

sagar, Kolkata

8th January 2013

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