So, my friends, it`s about knowing a real rate of your real estate in Maharashtra. Other countries also have ready-made billing installments available, which will be covered on this platform in the future. COVID-19 has led to the shutdown of various construction projects and an increase in unsold inventory. To support the real estate sector during this downturn, the Maharashtra state government has decided to reduce the stamp duty on the Ready Reckoner rate by 3% in August 2020 from September to December and by 2% from January to March 2021. This led to an increase in property registrations, and developers hoped that Maharashtra IGR rates could fall. However, on September 12, 2020, the state government announced a 1.74% increase in the Ready Reckoner rate. The Mumbai Ready Reckoner Rate, the reduction was 0.6%. Ready Reckoner Rate, also known as Circle Rate, is the minimum price at which a property must be registered in the event of a transfer. Rates are set by state governments and revised from time to time based on market dynamics.

In fact, the calculation of readiness or circular rate may differ within cities in the same state and between different locations in a city. Even within localities, prices can vary depending on the type of property (residential, commercial or institutional), the location and size of the plot and various other factors. These rats are an indicator of the likely prices of real estate in different regions. A property must be registered at the actual transaction value or at the minimum rate set by the government, whichever is greater. The Ready Reckoner rate is the minimum value set by the government on the basis of which real estate transactions take place. If the value of the transaction is 10% or more lower than a location`s current calculation rates, this may result in a tax burden on both the buyer and seller. Under section 43CA of the Income Tax Act, the sale of a property with a value that is at least 10% lower than the Ready Reckoner rate, also known as a circular rate, may result in a penalty of 35% of the difference between the original price and the revised price. It also applies to the real estate buyer. In addition to the influence of location, production details and the classification of the property into commercial, residential or land categories, the calculation rate is an essential aspect in determining the final cost of a construction project. For every transaction between the home buyer and the developer in the real estate market, the state government makes money by charging certain stamp and registration fees. An increase in the employment loan rate means that stamp duty and construction costs will also increase. In a way, the Ready Reckoner rate is necessary to maintain financial equilibrium in the real estate market and to give potential buyers an idea of the money needed to buy properties in a particular location.

Parking is also one of the important elements in the calculation of the property valuation. The parking space allocated to the apartment must be included in the valuation of the property. In the case of covered parking spaces, 25% of the standby value is multiplied by the area and in the case of an open car park, 40% of the standby value (for plots) by the zone. To calculate the property valuation, the first step is to get the government`s readiness rate. These prices are also available on the official website of the Government of Maharashtra (click here to learn more). We must all have noticed that the markets follow a simple rule – every product offered to the customer comes with a fixed minimum price that the buyer must pay in all circumstances. Of course, the cost of the product can increase depending on external conditions, but in no case can it go beyond the set limit. The real estate market follows the same principle, and this is where the Ready Reckoner rate comes in. It directly affects the whole concept of stamp duty and registration fees charged by the government. The Ready Reckoner rate in Maharashtra also follows the same conditions. With the change in geographic region and the intent of the project, the pending billing rates are constantly changing. To learn more about maharashtra`s ready-to-use calculation rate, read on.

Each year, an ASR (Annual Statement Rate or Ready Reckoner Rate) is set for the period from April 1 to March 30 – fiscal year. Theft. The Ready Reckoner rate is the minimum value of a property set by the state government. Below the Ready Reckoner rate, no registration of real estate transactions is accepted by the government. One of the most important cities in Maharashtra, Pune, with its suburbs, is divided into 19 zones. These areas are further divided into 221 sub-areas – the rate of preparation in Pune changes with the location of the property and the availability of basic amenities.. .