Have you heard of the term ready reckoner rate Maharashtra? It is the minimum rate of property transaction that has been notified. The rate is governed by the government and one cannot sell a property for a price that is lower than the RR rate.
So, essentially you can say that the ready reckoner rate is the minimum possible value of a land parcel that you need to know of. When you are looking to buy or even sell a property, it is the ready reckoner rate that will assume the highest importance.
Here, we are going to talk of ready reckoner rate Mahershala and we will be shedding light on particulars related to it. When you are buying or selling a property in Maharashtra, you need to register the property based on this rate. It doesn’t matter whether the market rate is higher or lower than this, it is the RR rate that will be used for property registration.
It doesn’t come across as a surprise that when you are dealing in property, you will need to pay both the stamp duty and the registration charges as well. These charges use the ready reckoner rate as the basis for calculation. In the scenario that the market value of the property is lower than the ready reckoner rate, you will then need to pay extra stamp duty and registration charges for the sake of carrying out the deal.
If it is found that a transaction was made and the rates were below the ready reckoner price, the agents have the option of filing a complaint with the RERA Maharashtra. Therefore, this rate was introduced with the prime motive of keeping the speculatory prices in check.
The Importance Of Ready Reckoner Rate Maharashtra
The ready reckoner rate is a very vital parameter. As you can see it helps in making the easy and smooth calculation of the minimum value that a property needs to have. A lot of people earlier chose to play with the property market and if there was no external guiding factor, they could fiddle with it as they desired. This is why the ready reckoner rate acts a as controlling base that ensures no massive speculation in price happens.
So, the ready reckoner rate Maharashtra assumes gargantuan importance. It is a way to bring uniformity and ensure that the transactions are all well-regulated. The stamp duty and registration charges too are always calculated based on this rate itself.
The Advantages Of RR Rate
Now let us glance at some of the obvious benefits that the ready reckoner rate Maharashtra seems to have. There is no denying the fact that property buying and selling have become regulated and easier with the help of this detail. Let us see the direct benefits that the rate offers.
With the help of the ready reckoner rate in Maharashtra, it is easier to make the right property evaluation. There are plenty of factors that are taken into play for the sake of determining these rates. The location of the property along with the area and size are governed and then the government determines the RR rate. The government lists the details on their website and one can simply check the particulars and understand the minimum value of the land. So, it has surely made it easier to evaluate the value of the land.
Along with the RR rate, the registration charge got fixed as well. Property registration and even the stamp duty charges are always calculated based on the RR rate. So, people can now determine the registration charges pre-hand. This makes it all the easier to foresee and plan the expenses that will be incurred while buying the property.
With the help of the RR rate, state governments are able to generate the right revenue. The rates are fixed by keeping several factors in check. So, the government can assess the property in question and fix the rate. This allows them to come to the right analysis of the revenue they will be able to extract from it.
Factors That Influence The Ready Reckoner Rate Maharashtra
It is important to know that there are tons of factors that influence the ready reckoner rate in Maharashtra. You need to keep an eye on the factors to come to the right decision. Here, we will give you a snapshot of the details. By knowing these facts, you will be able to grasp an idea of what things can change the ready reckoner rates.
The Intended Usage
Based on the purpose or the use of a property, the rates will be decided. Commercial properties are going to attract a higher rate as compared to residential properties. At the same time, if you have a free plot of land, the rate is going to be higher as compared to an apartment or a single flat.
The exact location of the property assumes gargantuan importance. It has been seen that rural areas tend to have less rate as compared to urban areas. Urban areas owing to their higher popularity and better amenities tend to attract a higher rate. This means they are valued at a higher price.
The Market Values
The exact and current market value of a property does have a role to play as far as the RR rate is concerned. When determining this rate, the current and trending market value is weighed into the equation. This is done to ensure that the RR rate is in tandem with the market value. This helps in weeding off the possibilities of property speculation in prices.
The type of amenities that a property has to offer will also influence the ready reckoner rate. If a certain property has the best amenities to offer and comes with good links to hospitals, schools, universities, shopping malls and more; that are much more likely to attract a higher ready reckoner rate.
So, these are some of the key details you need to bear in mind when you are looking to determine the influencing factors. With these factors, you will be able to assess the area and thereby come to the right decision.
How To Find The Ready Reckoner Maharashtra Rates On The Website?
As we told you earlier, the rates are listed on the website and can be followed by anyone who wants to take a look.
Here, we are going to walk you through the steps so you can spot the rates. Knowing the rates gives you a first-hand idea of what to expect out of the land parcel. You will be able to determine the charges that are likely to be incurred.
- Head to the official website of the department of registration and stamps in Maharashtra. This website mainly regulates stamp duty and property registration payments.
- Here, head to the option that reads online services
- From the options that are listed, choose the ‘e-ASR’ option and then click on the process in the dropdown menu
- A map of the state will open on a fresh page. You can click on any of the cities you want to extract the details for and the detailed map will then be displayed for you
- Now you need to choose the taluka and village name from the dropdown menu
- As soon as you make the selection, the rates will then be displayed on your page
So, the whole process has been made simple and it allows you to know the right particulars that will help you in a befitting way.
Almost anyone with easy access to the internet can retrieve the details in a matter of a few clicks. So, if you want to know the ready reckoner rate Maharashtra, all you have to do is follow the above steps and the details will be there for you.
How To Find The Ready Reckoner Rate Maharashtra In An Offline Manner?
Not everyone has an access to the web always. In such cases, you may look forward to knowing the offline ways of extracting the details of the reedy reckoner rate. Here are the steps you need to follow for the sake of understanding the details.
- Head to the sub-registrar’s office present in the city and then get in touch with any of the authorized persons. Let them know that you are asking for the list of ready reckoner rates in Maharashtra.
- Now, give the complete details of your property including the location along with the area, the name of the owner, and the city. This will help in extracting details of the reedy reckoner rate for the property type in that area.
While this process is easy, it can entail a significant amount of time. This is why you should opt for it when you don’t have access to the net or you are not comfortable digging into online details. Be prepared to wait at the office and even the whole process of getting the details might be a time-consuming one. Regardless, you have both options and you can choose whichever you deem best for yourself.
How Does The Ready Reckoner Rate Maharashtra Differ From The Market Value?
By now, you must have a clear idea regarding the fact that the ready reckoner rate and the market value rate are not the same things. So, if you still want more details regarding how the two rates tend to differ and what are the key differences between the two, let us share more points with you.
The definition itself clears the difference precisely. The ready reckoner rate Maharashtra is the minimum value that the government has allotted to a land parcel. The market value is the rate at which the property will be sold in the market. So, as a matter of fact, that market value will be equal to or higher than the ready reckoner rate.
The registration of property
The key difference between the market value and the circle rate is that the property registration charge is always going to be calculated on the RR rate and not on the market value.
The valuation of the property
The ready rate is always determined keeping a lot of important factors in mind. The age and location of the property along with the amenities offered, the category and more are all assessed for the sake of evaluation. It is therefore important to know that the ready rate gives you a more or less accurate evaluation of the property.
These rates are revised at periodic intervals by the government. In some cases, it can be pushed down as well. The market rates on the other hand tend to move upwards as and when more infrastructural development in and around the area takes place. You are highly unlikely to see a dip in the market rate and this is not the case with the ready reckoner rate.
The stamp duty charges
The stamp duty charges along with the registration payment are always going to be charged on the basis of the RR rate. They have no bearing on the market value whatsoever.
The Mobile App
There is also a mobile app in place that can be used by property owners for the sake of checking their land details. In the current age of digitization, it has become more important than ever before to understand the best ways by which technology can be put to use.
Third parties took the initiative to design a mobile application. Having an app is surely an extra ease that one can enjoy. The mobile app can be found on the Google play store and the App Store as well. You can use it as and how you want. The idea is to make things easier and to give power to the hands of the buyer.
Even after you have purchased the property, having this app ensures that you can access all the details with regard to your property whenever you want. When you are using the app, you will need to enter the region along with the details of your property location.
The app may ask you for very specific particulars regarding your property and you need to fill in all of it. The details are safe to enter as the app is linked with the online government portal. So, explore the different options and make the most of the information being made available to you.
The Features Of Ready Reckoner Rate Maharashtra Mobile App
Let us once again explain briefly as to what are the key features that you can enjoy on this mobile app.
- Neat design that is easy to navigate
- Offers accurate property-related information that is periodically updated
- Helps check the ready reckoner rates in Maharashtra as many times as you like
- Can be downloaded from the Google play store and the Apple app store as well
- Linked with the official website that is operated by the government of Maharashtra. This means that the particulars on the app are accurate and it is safe for use
- Makes it much more convenient to access details on the go
The Stamp Duty Ready Reckoner Mobile App
The Maharashtra government took the pains to have another mobile app developed and it is the stamp duty ready reckoner app. This app too allows you to check the RR rates of your property and do a whole lot more. Once again, you can safely enter the particulars in this app as it is linked to the government of Maharashtra’s official website but it is a third-party app.
The Features Of The App
Here are some of the standout features that this app has to offer
- It has a very smooth and easy registration process
- It helps in the easy and simple calculation of stamp duty and the registration charges
- It offers easy retrieval of ready reckoner rates
- It has a built-in EMI calculator that allows you to assess the loans you will have to pay when using big properties
- It maintains data security but can still offer customized and personalized data
- It gets updated in real-time
- It helps in knowing more details about your property and also other properties in the state if you are eyeing investment opportunities
The Revised Ready Reckoner Rates In Maharashtra
While you can access the latest rates easily on the web or even in an offline manner, we are going to talk about some of the revised rates here. This will give you some idea regarding what to expect.
Of course, before you make any buying or selling decision, make it a point to always check the website for any latest updates on the ready reckoner rate and the stamp duty charges for that particular property.
|Municipal Corporation Areas||1.02%|
|Municipal Council Areas||1.29%|
Also, it pays to know that often a premium is charged on this rate on the basis of the floor on which your property is located. In high-rise buildings particularly, you need to pay a premium based on which floor you have chosen.
|Up to the 4th floor||Nil|
|5th to 10th floor||5%|
|11th to 20th floor||10%|
|21st to 30th floor||15%|
|31st floor and above||20%|
So, here is a table with the details. This will help you be sure of the property evaluation in a much more precise manner.
So, if you choose to buy a flat on a high floor, you will end up paying a hefty premium. It is because such flats are treated at a premium owing to the type of view and added load on the amenities that you will be getting.
Make sure to factor in this premium while assessing your net price and expenses.
Is the ready reckoner rate determined by the government?
Yes, the government of Maharashtra makes it a point to determine the RR rate in the state.
Is the RR rate subject to change?
Yes, the ready reckoner rate can be changed at periodic intervals. There are several factors that influence this rate and therefore it is assessed at periodic intervals to bring in any revision as the need may be.
Does the height of the property affect the rate?
You need to pay a premium over the rate if your flat is located above the 20th floor. Make sure to account for the revised premium rates when assessing the net expenses.
Can the RR rate be higher than the market value?
No, the ready reckoner rate is the minimum value of a property as assigned by the government. The market value can be equal to the ready reckoner rate but it can’t be less than the RR rate. So, the RR can never be higher than the market value as it is the base rate of the property. You can use a stamp duty calculator.