Ready Reckoner Rates Of Land, Flats Hiked In Pune, Reduced In Mumbai

Pune, September 12, 2020: During the ongoing Coronavirus pandemic, the state government on one hand reduced stamp duty, but on the other hand, increased ready reckoner (RR) rates by average 1.74 per cent. Now, those who wish to buy a new property will have to shell out extra, in the difficult days when pay cuts, job losses have become a new normal.

The highest increase in the ‘ready reckoner’ rate is reported in Pune district, 3.91 per cent, within Pune Municipal Corporation (PMC) limits, the RR rate are up by 1.56 per cent. Interestingly, in Mumbai, in the ruling Shiv Sena party’s stronghold, the government reduced RR rates by 0.6 per cent.

These new rates will come into force from today. State Registration Inspector General Omprakash Deshmukh announced this information during a press conference held yesterday.

Annual Statement Rates (ASR) are commonly known as ready reckoner rates, are the rates of immovable property. These rates are calculated based on the property’s market value. The stamp duty is charged accordingly. The Annual Statement Rate is determined on an annual basis by the State Government. These rates are different from locality to locality. The rates are different in urban and rural areas.

According to officials, Ready Reckoner rates remained unchanged for the last two and a half years. Considering the present Coronavirus spread in Maharashtra, it was largely speculated that the RR rates will not change, this year too.

The Government, however, increased RR rates by 1.74 per cent. In rural areas, the rise is 2.81 percent. In semi-rural areas, it is 1.89 percent growth. Nagar Panchayat areas, the hike 1.29 percent. The hike in the municipal area is 1.02 per cent.

The highest average increase in the state is 3.91 percent in Pune district.

After Pune, the RR rates in Nandurbar district have gone up by 3.01 percent and Raigad district by 3 per cent. Growth in other districts it is less than 3 percent.

Municipal Corporation areas in the states, witnessed an average hike in rates by 1.02 percent.

The ready reckoner rates in the Pune Municipal Corporation limits including delimited 23 villages included are shown differently.
Accordingly, the rates of Peth and surrounding areas are up by 1.25 percent. For the 23 villages, the increase is 1.88 percent. On average, the rates in Pune Municipal Corporation are up by 1.56 percent. The RR rates Pimpri-Chinchwad Municipal Corporation limits are up by 4.1 percent.

“Transactions were reported at a lower rate than the Ready Reckoner rate within the Mumbai municipal corporation. As a result, the rates have come down in Mumbai”, explained Deshmukh.

“Annual price tables are released on April 1 of each year. This year the process was underway. However, due to the spread of corona infection, the state government on March 18 ordered the process to be suspended. However, instructions were given to complete the proceedings on June 29. New rates have been announced accordingly. The new rates were announced on April 1, 2017. After that, there was no increase in prices in 2018 and 2019. This increase has been made after about two and a half years considering the market conditions”, said Deshmukh.