MAHARAHSTRA: Government Ready Recknor (Circle rate) of properties will remain same for year 2024-2025.
Received this order letter information online which is in Marathi (similar to Hindi language) sharing herewith.
Meaning of above letter in brief is that Maharashtra Government has decided to maintain a status quo in the ready reckoner (RR) rates for 2024-25, RR rates of 2023-24 will continue without any changes for 2024-25.
What is ‘Ready Reckoner’?
Ready Reckoner are the Government fare rates of immovable property, on the basis of which market value is calculated and whereas stamp duty is charged as per Schedule - I of Maharashtra Stamp Act, on the type of instrument and amount mentioned in it whichever is higher under the article and accordingly the stamp duty is collected on the document by the Collector of Stamps and Registration Department.
Ready Reckoner Rate is determined on an annual basis by the State Government differ from locality to locality in a particular state such as Urban Area, Influence Area and Rural Area. ASR rates are determined District, Taluka, and Village wise in jurisdiction governed by the local bodies such as Municipal Corporation, Municipal Council, Cantonment Board, Nagar Panchayat and Gram Panchayat.
Also known as the circle rate, the ready reckoner rate is the minimum Government value at which a property transaction takes place. These charges are announced every year on March 31st by the regulatory authority of the State to ensure property transactions at uniform rates.
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Minimum Stamp duty to be paid on Ready Reckoner Value
Ready Reckoner (RR) is very important aspect of any property transaction of buying & selling because minimum stamp duty is calculated and paid on ready reckoner value or declared sale value (whichever higher) to execute any transaction.
for example:
Scenario 1)
if RR value is Lesser then Declared sale value: In this case, stamp duty will be calculated on Declared value only, if let's say RR value is 1Cr. and Declared sale value is 1.20 Cr. then stamp duty which currently is 7% in Pune city will be calculated upon Declared sale value 1.20 Cr.
Scenario 2)
if RR value is higher then Declared sale value: In this case, stamp duty will be calculated on RR value only, if let's say RR value is 1.20 Cr. and Declared sale value is 1 Cr. then stamp duty which currently is 7% in Pune city will be calculated upon RR value 1.20 Cr.
in short, whichever will be higher value RR or Declared sale price will be opted to calculate stamp duty and paid to government to execute the buying-selling transaction.
*Just to note, most of the cases, we come across Scenario 1) only because market value of property is mostly higher then Ready reckoner government value. however, some places it can be reversed case scenario.
It's a great benefit and saving to citizens as the increase of RR will actually increase the stamp duty which add extra cost to purchase property in Maharashtra state which has India's many prominent cities of Mumbai, Pune, Nagpur, Thane etc.
How to find & Calculate RR value of property?
To calculate RR value of property, one need index 2 document of the property which will be the basis of this calculation however it's advisable to hire competent lawyer to evaluate exact RR value as it has many aspects apart from Reckoner rate which are depreciation & indexing so hiring and consulting competent lawyer is the right approach to know exact government value of the property.
We may also assist to get RR value of property as we have such connect of experienced lawyers with us.
Still, if any consultancy needed regarding this point to understand it better then one can contact me directly. cell no./WhatsApp # +91-9822052388 / +91-7498829332, Email: deepaksundrani@thegururalty.com.
Dear Friends / Readers,
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hope able to explain our point of view, still any query, please contact anytime on given contact number for detailed Discussion, cell no./WhatsApp # +91-9822052388 / +91-7498829332, Email: deepaksundrani@thegururalty.com.
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wishing everyone good health and happiness.
Warm Regards,
Deepak Sundrani
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