New ready reckoner rates will be in effect in Maharashtra as of April 1, 2023. Before then, Maharashtra had a double increase in property registration. On March 28, around 18,538 properties were registered throughout the state; on March 29, 20,000 properties were registered. Daily property registrations range from 8000 to 9000 on a regular day.
On March 31, 2023, a larger number of registrations are anticipated by the department. The state has been able to collect more over Rs 40,000 crore in income in 2022–2023 thanks to an expensive property. The department had received Rs 42,000 crore as of March 30, 2023. In Maharashtra, ready reckoner rates have increased by more than 50% in the last eight years.
Officials from the Department of Registration and Stamps stated, “Although we have asked the state government to maintain the current RR prices, we are unsure if our request will be approved.
The government notifies property transactions at a minimum rate known as the “Ready Reckoner Rate” through the sub-registrar office. In certain areas, Ready Reckoner Rate is also referred to as Circle Rate. In Maharashtra, it is nearly hard to sell a house for less than the ready reckoner rate. In Maharashtra, ready reckoner rates assist consumers in determining the minimal worth of their property.
While stamp duty is charged in accordance with Schedule I of the Maharashtra Stamp Act, on the type of instrument and amount mentioned in it, whichever is higher under the article, the stamp duty is collected on the document by the Collector of Stamps and Registration Department. Annual Statement Rate (ASR), also known as Ready Reckoner, are the fare rates of immovable property, on the basis of which market value is calculated.
The State Government determines the Annual Statement Rate annually, and it varies from place to locality in a given state, such as the Urban Area, Influence Area, and Rural Area. Local government entities including the Municipal Corporation, Municipal Council, Cantonment Board, Nagar Panchayat, and Gramme Panchayat establish ASR rates on a district, taluka, and village level.
The Indian Republic’s Maharashtra State is divided into 36 districts. The 36 districts have been divided up into 8 Regions, which include Amravati, Aurangabad, Latur, Mumbai, Nagpur, Nashik, Pune, and Thane. Each Region is under the supervision of the Deputy Inspector General of Registration.
Regardless of whether the property’s market worth is higher or lower, people in Maharashtra are required to register their properties using these rates. Based on the property’s ready reckoner rates, the stamp duty and registration fees are computed. If the chosen property’s market value is less than its ready reckoner rate, additional stamp duty and registration fees must be paid by the buyer in order to complete the deal. The agents have the option to register a complaint with RERA Maharashtra for transactions that are made below the ready reckoner pricing of a particular property. In Maharashtra, ready reckoner rates aid in controlling speculative pricing.
Maharashtra has increased its tariffs as of March 31, 2022. The rate increases have been an average of 8.80% across all the municipalities, including Thane, Navi Mumbai, Pune, Panvel, and others. Mumbai’s ready reckoner rate, though, won’t change. The ready reckoner rate in Maharashtra, the variables influencing the rate, and where to access the ready reckoner rates on the Maharashtra government website are all covered in this blog.
Maharashtra’s ready reckoner rates for 2023
Rates have grown by 9.48 percent in Thane, 8.90 percent in Navi Mumbai, 8.90 percent in Panvel, 9.24 percent in Panvel, 6.12 percent in Pune, 12.36 percent in Pimpri Chinchwad, and 12.15 percent in Nasik.Tax rates for both sellers and purchasers went risen along with the growth in real estate values.
Benefits of Maharashtra’s ready reckoner rates:
Property appraisal: In Maharashtra, ready reckoner rates assist in determining the appropriate value of a property. The prices are set by the Maharashtra government taking into account the property’s acreage, size, location, etc. All of the cities’ ready reckoner tariffs are posted on the State Government of Maharashtra’s online government webpage.
Revenue Generation: In Maharashtra, ready reckoner rates aid in the state government’s ability to raise money through the collection of stamp duty and other registration fees. In Maharashtra, the state government assesses ready reckoner prices based on several property categories, including flats, buildings, apartments, and plots.
Registration Fees: The ready reckoner rate list for Maharashtra includes fixed fees for registering real estate. These fees must be paid by the buyers in order for their properties to be registered in their names following the sale.
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