Contents
- 1. What is ready reckoner rate?
- 2. RR rate changes in Mumbai: Updated March 2023
- 3. Floor-wise premium for flats in Mumbai
- 4. Ready reckoner rates in Mumbai – Zone-wise: March 2023
- 4.1. Ready Reckoner rates in Worli
- 4.2. Ready Reckoner rates in Colaba
- 4.3. Ready Reckoner rates in Dharavi
- 4.4. Ready Reckoner rates in Lower Parel
- 5. Ready Reckoner in Mumbai for flats, residential and industrial land (per sq meter)
- 6. How to check Ready Reckoner Rates on IGR Maharashtra online?
- 7. How to check Ready Reckoner Rates on IGR Maharashtra offline?
- 8. Valuation of parking spaces
- 9. How are Ready Reckoner Rates in Mumbai determined?
- 10. RR Rate Impact on the real estate market
- 11. Can Ready Reckoner Rates in Mumbai be challenged or appealed?
The Maharashtra government has increased the ready reckoner (RR) rates in the State, except Mumbai. The circle rates have been hiked by 9.48 percent in Thane, 8.90 percent in Navi Mumbai, 9.81 percent in Ulas Nagar, 9 percent in Vasai-Virar, 9.24 percent in Panvel, 6.12 percent in Pune, 12.36 percent in Pimpri Chinchwad, 8.08 percent in Sholapur, 12.15 percent in Nasik, 7.72 percent in Ahmadnagar, 11.93 percent in Latur and 12.38 percent in Aurangabad.
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What is ready reckoner rate?
A ready reckoner is a tool used in India, particularly by the Maharashtra government and the real estate industry, to determine the value of a property for various purposes, such as property registration, stamp duty calculation, and taxation.
The ready reckoner rate, also known as the circle rate, is the minimum value at which a property can be registered in a particular area and is determined by the relevant state government's revenue department. The ready reckoner rate is used as a benchmark for determining the market value of a property, taking into account various factors such as location, size, age, and amenities.
The ready reckoner is typically updated annually, and the new rates are published by the revenue department. The ready reckoner is used by property buyers, sellers, and intermediaries to determine the market value of a property and to ensure that transactions are conducted fairly and transparently.
It's important to note that the ready reckoner rate is not the actual market value of a property, but rather a benchmark that is used for government purposes. The actual market value of a property may be higher or lower than the ready reckoner rate, depending on various factors such as supply and demand, location, and market conditions.
Here's how to calculate payable stamp duty for registering conveyance deed during property transfer process.
For instance:
If you have 100 sq meter property in Mahim area, then:
RR Rate in Mahim: Rs 3,10,900 per sq meter
RR Rate for your 100 sq meter property: Rs 3.1 crore approximately
Stamp duty payable: 6% of Rs 3.1 crore = Rs 18 lakh
RR rate changes in Mumbai: Updated March 2023
| Areas | RR rate (%hike) |
|---|---|
| Thane | 9.48% |
| Navi Mumbai | 8.90% |
| Ulas Nagar | 9.81% |
| Vasai-Virar | 9% |
| Panvel | 9.24% |
| Pune | 6.12% |
| Pimpri Chinchwad | 12.36% |
| Sholapur | 8.08% |
| Nasik | 12.15% |
| Ahmadnagar | 7.72% |
| Latur | 11.93% |
| Aurangabad | 12.38% |
The revision is despite the fact that in May 2020, the State government had decided to keep the ready reckoner rates unchanged as it was to assess the new rates in the wake of Coronavirus pandemic.
In Mumbai, the Stamps and Registration Department fixes the ready reckoner rates depending upon the market value of the area. The Administration has divided the properties in Mumbai into19 divisions or zones. Commercial properties command higher circle rates as compared to residential properties.
Contrary to Noida and Greater Noida where a rebate is given for a flat above 4th floor in a housing society, the Maharashtra government charges a premium on ready reckoner rate on flats built on higher floors.
Floor-wise premium for flats in Mumbai
| Floor of the building | Premium charged |
|---|---|
| Up to 4th floor | Nil |
| 5thto 10thfloor | 5% |
| 11thto 20thfloor | 10% |
| 21stto 30thfloor | 15% |
| 31stfloor an above | 20% |
Ready reckoner rates in Mumbai – Zone-wise: March 2023
Ready Reckoner rates in Worli
| Sub-division | Circle rates (per sq m) |
|---|---|
| Dr Annie Besant Road | Rs 4,10,630 |
| Mau Abdul Ghafar Khan Road from Worli Sea Face | Rs 5,93,700 |
| Sasmira Road to the West, boundary to the East and South and boundary of Worli Gauthan to the North | Rs 2,99,890 |
| The boundary between Gauthan boundary to the North, Lala Lajpat Rai Road to the East of the boundary to the West, Anni Besant Road and Sasmira Road, to the South the boundary | Rs 3,82,500 |
| Worli Village | Rs 1,68,710 |
Ready Reckoner rates in Colaba
| Sub-division | Circle rates (per sq m) |
|---|---|
| Bhabha Road (North of Navy Colaba) | Rs 2,96,830 |
| Prakash Pethe Marg and Jagannath Bhosle Road (departing from Cuffe Parade to the division limits) | Rs 5,98,220 |
| Shaheed Bhagat Singh Marg, from R Salgaonkar Road to Colaba | Rs 4,22,540 |
| Shaheed Bhagat Singh Marg, from Rigal Cinema to R Salgaonkar Road | Rs 4,91,990 |
| Navinagar, Part south of Colaba south of Bhabha Road, Navinagar Tata Institute of Fundamental Reachers Colaba Point | Rs 2,69,180 |
Ready Reckoner rates in Dharavi
| Sub-division | Circle rates (per sq m) |
|---|---|
| Triangular terrain between the Central Railway Line to the East, the Western Railway Line to the West, the Harbor Railway Line to the North | Rs 80,980 |
| Dharavi Road | Rs 87,660 |
| Central Railway Line to the East, Western Railway Line to the West, Mumbai City boundary to the North, Harbor River Line to the South | Rs 96,220 |
Ready Reckoner rates in Lower Parel
| Sub-division | Circle rates (per sq m) |
|---|---|
| Dr Annie Besant Road | Rs 4,05,320 |
| Pandurang Budhkar Road to the South, East Sayani Road, Mhatre Road, and Tandel Road | Rs 4,59,010 |
| Mahim Area | Rs 3,10,900 |
| Oriental Silk Mill, East of Prabhadevi Chowk | Rs 4,86,580 |
| East Saini Road and North of Apapaaheb Marathe Road, Jagannath Bhatankar Road to the South and Strander Mill boundary to the West | Rs 3,02,260 |
Source: Department of Stamps and Registration
Ready Reckoner in Mumbai for flats, residential and industrial land (per sq meter)
| Localities | Flats/Apartments | Residential Land | Industrial Land |
|---|---|---|---|
| Byculla | Rs.82,000 - Rs.469,900 | Rs.38,500 - Rs.214,200 | Rs.93,400 - Rs.469,900 |
| Colaba | Rs.280,400 - Rs.652,100 | Rs.130,400 - Rs.339,000 | Rs.280,400 - Rs.652,100 |
| Fort | Rs.182,100 - Rs.592,300 | Rs.97,000 - Rs.296,500 | Rs.182,100 - Rs.592,300 |
| Nariman Point | Rs.413,700 - Rs.576,300 | Rs.192,200 - Rs.308,700 | Rs.413,700 - Rs.576,300 |
| Princess Dock | Rs.158,900 - Rs.240,200 | Rs.56,400 - Rs.130,600 | Rs.158,900 - Rs.240,200 |
| Mandvi | Rs.126,000 - Rs.221,200 | Rs.65,700 - Rs.130,600 | Rs.126,000 - Rs.221,200 |
| Marine Drive | Rs.164,800 - Rs.445,600 | Rs.83,300 - Rs.221,800 | Rs.164,800 - Rs.445,600 |
| Girgaum Chowpatty | Rs.165,400 - Rs.450,700 | Rs.78,900 - Rs.256,400 | Rs.165,400 - Rs.450,700 |
| Malabar & Cumballa Hills | Rs.339,500 - Rs.861,000 | Rs.185,700 - Rs.475,400 | Rs.339,500 - Rs.861,000 |
| Tardeo | Rs.171,300 - Rs.337,400 | Rs.82,600 - Rs.184,700 | Rs.171,300 - Rs.337,400 |
| Mazgaon | Rs.69,400 - Rs.217,600 | Rs.27,100 - Rs.97,400 | Rs.69,300 - Rs.217,600 |
| Parel Sewri | Rs.84,600 - Rs.335,700 | Rs.26,200 - Rs.144,50 | Rs.97,600 - Rs.335,700 |
| Lower Parel | Rs.178,300 - Rs.523,600 | Rs.48,800 - Rs.236,100 | Rs.178,300 - Rs.523,600 |
| Worli | Rs.172,500 - Rs.587,800 | Rs.77,700 - Rs.318,200 | Rs.172,500 - Rs.587,800 |
| Dadar | Rs.71,300 - Rs.222,000 | Rs.40,200 - Rs.102,300 | Rs.99,800 - Rs.222,000 |
| Salt Pan | Rs.91,600 - Rs.191,900 | Rs.46,000 - Rs.85,800 | Rs.91,600 - Rs.191,900 |
| Matunga | Rs.142,500 - Rs.252,000 | Rs.56,300 - Rs.113,600 | Rs.142,500 - Rs.252,000 |
| Mahim | Rs.214,500 - Rs.381,500 | Rs.98,600 - Rs.210,500 | Rs.214,500 - Rs.381,500 |
| Dharavi | Rs.73,600 - Rs.88,000 | Rs.25,000 - Rs.42,900 | Rs.73,600 - Rs.88,000 |
| Sion | Rs.127,700 - Rs.233,300 | Rs.55,300 - Rs.115,900 | Rs.127,700 - Rs.233,300 |
| Bandra Reclamation | Rs.242,600 - Rs.242,600 | Rs.148,100 - Rs.148,100 | Rs.242,600 - Rs.242,600 |
| Bandra West | Rs.131,700 - Rs.449,600 | Rs.74,500 - Rs.299,900 | Rs.131,700 - Rs.449,600 |
| Bandra East | Rs.111,400 - Rs.289,900 | Rs.57,900 - Rs.169,000 | Rs.117,800 - Rs.289,900 |
| Parigha Creek | Rs.89,100 - Rs.171,700 | Rs.35,200 - Rs.93,400 | Rs.89,100 - Rs.171,700 |
| BKC & Kalina | Rs.129,400 - Rs.344,000 | Rs.78,100 - Rs.206,800 | Rs.133,900 - Rs.344,000 |
| Bapnala | Rs.91,200 - Rs.91,200 | Rs.40,900 - Rs.40,900 | Rs.108,500 - Rs.108,500 |
| Sahar | Rs.140,800 - Rs.140,800 | Rs.69,600 - Rs.69,600 | Rs.140,800 - Rs.140,800 |
| Brahamanwada | Rs.120,000 - Rs.136,700 | Rs.65,100 - Rs.71,100 | Rs.128,000 - Rs.136,700 |
| Andheri East | Rs.114,000 - Rs.243,600 | Rs.58,900 - Rs.142,200 | Rs.114,000 - Rs.243,600 |
| Vile Parle East | Rs.93,100 - Rs.215,600 | Rs.46,200 - Rs.129,500 | Rs.109,500 - Rs.215,600 |
| Vile Parle West | Rs.176,300 - Rs.273,200 | Rs.105,600 - Rs.160,500 | Rs.176,300 - Rs.273,200 |
| Juhu | Rs.230,700 - Rs.376,600 | Rs.136,900 - Rs.227,400 | Rs.230,700 - Rs.376,600 |
| Andheri West | Rs.137,500 - Rs.210,100 | Rs.70,600 - Rs.136,500 | Rs.150,800 - Rs.210,100 |
| Andheri East - Kurla Road | Rs.108,300 - Rs.158,200 | Rs.60,000 - Rs.81,700 | Rs.108,300 - Rs.158,200 |
| Andheri East Marol | Rs.92,100 - Rs.157,300 | Rs.50,200 - Rs.95,100 | Rs.92,100 - Rs.157,300 |
| Parjapur Andheri | Rs.85,400 - Rs.85,400 | Rs.39,800 - Rs.39,800 | Rs.91,100 - Rs.91,100 |
| Andheri Varivali | Rs.144,900 - Rs.173,000 | Rs.76,400 - Rs.103,700 | Rs.144,900 - Rs.173,000 |
| Jogeshwari West | Rs.88,400 - Rs.196,900 | Rs.40,000 - Rs.124,700 | Rs.88,400 - Rs.196,900 |
| Jogeshwari East | Rs.115,100 - Rs.210,600 | Rs.60,800 - Rs.117,200 | Rs.115,100 - Rs.210,600 |
| Madh Village | Rs.58,400 - Rs.58,400 | Rs.22,600 - Rs.22,600 | Rs.79,900 - Rs.79,900 |
| Andheri Versova | Rs.149,000 - Rs.209,400 | Rs.74,700 - Rs.125,600 | Rs.149,000 - Rs.209,400 |
| Andheri Oshiwara | Rs.100,600 - Rs.237,100 | Rs.52,800 - Rs.147,600 | Rs.100,600 - Rs.237,100 |
| Villages | Rs.42,000 - Rs.125,400 | Rs.16,500 - Rs.62,700 | Rs.42,000 - Rs.125,400 |
| Goregaon East | Rs.51,000 - Rs.220,500 | Rs.21,200 - Rs.130,500 | Rs.51,000 - Rs.228,600 |
| Goregaon West | Rs.68,700 - Rs.177,500 | Rs.26,800 - Rs.114,700 | Rs.68,700 - Rs.177,500 |
| Malad West | Rs.98,900 - Rs.170,900 | Rs.45,600 - Rs.86,600 | Rs.98,900 - Rs.170,900 |
| Malad East | Rs.74,600 - Rs.163,100 | Rs.29,500 - Rs.80,500 | Rs.74,600 - Rs.163,100 |
| Dindoshi | Rs.93,700 - Rs.170,200 | Rs.34,000 - Rs.102,200 | Rs.93,700 - Rs.170,200 |
| Malad West South | Rs.99,400 - Rs.158,200 | Rs.45,500 - Rs.88,400 | Rs.99,400 - Rs.163,800 |
| Malad West North | Rs.70,500 - Rs.128,500 | Rs.28,700 - Rs.76,300 | Rs.78,200 - Rs.128,500 |
| Malvani | Rs.78,800 - Rs.106,000 | Rs.38,600 - Rs.63,400 | Rs.78,800 - Rs.106,000 |
| Wadhvan | Rs.64,200 - Rs.130,100 | Rs.25,100 - Rs.64,900 | Rs.64,200 - Rs.130,100 |
| Kandivali West | Rs.130,800 - Rs.130,800 | Rs.73,300 - Rs.73,300 | Rs.130,800 - Rs.130,800 |
| Kandivali East | Rs.42,900 - Rs.169,400 | Rs.32,400 - Rs.91,900 | Rs.131,900 - Rs.169,400 |
| Borivali West | Rs.95,300 - Rs.117,600 | Rs.39,400 - Rs.71,300 | Rs.95,300 - Rs.117,600 |
| Borivali East | Rs.52,800 - Rs.186,800 | Rs.38,800 - Rs.112,100 | Rs.114,100 - Rs.186,800 |
How to check Ready Reckoner Rates on IGR Maharashtra online?
Buyers can also check the latest ready reckoner rates online on the Department of Registration and Stamps website. Here's how to check:
Step 1: Go to the official portal of Department of Registration & Stamps Maharashtra, also known as IGR Maharashtra. Now navigate to the 'Online Services' section.
Step 2: Click on the 'e-ASR' option and then on 'Process' option, which will redirect you to the map page. Click on the region you want to enquire about.
Step 3: Select the district, village. You can search the annual statement of rates using survey number or location.
How to check Ready Reckoner Rates on IGR Maharashtra offline?
Step 1: Visit the sub registrar’s office of your area and contact one of the authorised persons to request for a copy of the Annual Statement of Rates (ASR)
Step 2: Next, provide your property details such as the location, area, owner’s name, city, etc. of the property to obtain the ready reckoner rates in Mumbai.
Step 3: Calculate the exact rate of your property by multiplying the per sq ft cost with the total area of your property.
Valuation of parking spaces
| Stilt parking or covered parking | Area of parking slot x 25% of RR of that property type |
|---|---|
| Open parking | Area of parking slot x 40% of RR of developed land in the respective zone |
How are Ready Reckoner Rates in Mumbai determined?
Ready Reckoner Rates in Mumbai are determined by the government's revenue department based on various factors such as the location of the property, the amenities available in the area, the infrastructure, and the demand for properties in that area. The rates are revised annually based on market conditions and other factors.
RR Rate Impact on the real estate market
The RR rates in Mumbai have had a significant impact on the real estate market in the city. The revised rates have made it more challenging for buyers to find affordable properties in some localities. However, in areas where the rates have decreased, there has been an increase in demand for properties.
One of the most significant impacts of the revised circle rates has been on the affordable housing segment. The increased rates in some localities have made it more difficult for developers to offer affordable housing projects, resulting in a slowdown in the construction of such projects.
Can Ready Reckoner Rates in Mumbai be challenged or appealed?
Yes, Ready Reckoner Rates in Mumbai 2023 can be challenged or appealed if a property owner believes that the rates are unfair or inaccurate. However, the process can be complex and time-consuming, and it may require the assistance of a lawyer or property consultant.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.