Pune: The ready reckoner rates (RRR), which are used as a base figure to calculate the registration charges on property deals, have been hiked by around 11 per cent in all major cities in the state. The new rates has been implemented from Friday.
“In some prime areas the rates have been increased by 20 per cent but the average hike is around 11 per cent,” said Ramrao Shingare, inspector general of registrations (IGR), Maharashtra.
“The registration department is expecting an increase of around Rs 1,200 crore in revenue due to the increase in rates.”
Till December end the department has collected Rs 7,200 crore as revenue. The amount is likely to be around Rs 9,200 crore by the end of the financial year.
“While deciding the RRR, we consider various factors — The actual rates at which properties are sold; The number of registration of properties in a particular area,” Shingare said. Property registration in many parts of the state has increased significantly, he added.
In Mumbai, in 709 value unit zones, RRR hike of 5 to 10 per cent has been made. The rates in the remaining units have been hiked by 11 to 20 per cent. In Pune, of the total value zones of 1,730, the ready reckoner rates have been hiked 5 to 10 per cent in 1,129 zones. The remaining zones the increase is 11 to 20 per cent. Pune zones also consists of value zones from nearby districts.
The RRR are the governmentdecided rates for land and property in a particular area. They come handy while deciding the compensation amount when the government acquires land from private owners.
These rates are also used as a base figure to calculate stamp duty and registration charges.
If the sale price of a land or a flat is more than the RRR for that area, then the stamp duty and registration fee will be based on the sale price quoted in the agreement.
If the sale price is lower than the RRR, then the stamp duty will be based on the RRR.
Highest residential RRR on FC Road
The FC Road area has the highest ready reckoner rates (RRR) for residential properties. With an increase of around Rs 2,800 per sq ft compared to last year’s rates, the RRR for residential properties on FC Road has gone up to around Rs 6,900 per sq.ft. Other posh areas in the city, including Koregaon Park, Kalyaninagar and Prabhat Road, have lower rates compared to FC Road. The RRR for a residential complex in Kalyaninagar is Rs 5,175, Koregaon Park Rs 5,940 while on Prabhat Road it is Rs 5,280 per sq.ft. A residential property on JM Road will have an RRR of Rs 5,520 per sq. ft.