Property Ready Reckoner in Pune
Property Ready Reckoner indicates the value of immovable property which is determined by state government and is published annually. Immovable property encompasses residential property, commercial property and land/plot. Ready Reckoner rate is used to avoid evasion of stamp duty through the undervaluation for agreements and to minimize the disputes on quantum of stamp duty.
●Ready reckoner rates refer to the minimum rate notified by the government through the registrar or sub registrar office of Pune for registration of property transactions.
●Stamp duty is to be paid on the higher of the declared transaction value and the value calculated as per ready reckoner rate chart applicable for the sector or area of Pune.
Ready reckoner rates vary across various areas of Pune depending on market value and facilities available in that area. Pune administration has divided the properties in Pune into 19 zones and further into 221 sub zones based on location. Classification of zones and sub zones is mostly done with reference to main arterial roads and railway lines (west to east) – the marine drive, the linking road, the western railway line, the western express highway, the central railway line, the eastern express highway and the harbor line. The current classification of areas in Pune is available here. Typically, government assign higher ready reckoner rate to commercial properties and lower rates for residential properties. Ready reckoner rates also depend on the type of the property.
Why Property Ready Reckoner?
Property Ready Reckoner Rates forms the largest chunk of the revenue source for the state government. Ready Reckoner Rate is the minimum value of immovable property estimated by the government in a particular location. The state governments determine and publish the rates based on several factors on a yearly basis. This rate varies from state to state, cities, and localities. They act as a basic criterion below which no property transaction is allowed to take place in the specified area. To simply put, it is the minimum price that has to be paid by a buyer while purchasing a property and the government levies stamp duty and registration fees based on this minimal property value. The ready reckoner rates help in the regulation of real estate dynamics in the market.
Factors that Affect the Ready Reckoner Rates in Pune
●The ready reckoner rate tends to differ across several regions in Pune. It depends on the overall market value of an area and the type of amenities available there.
●The administration of Pune has categorized the properties and the suburbs of Pune into 19 zones or divisions, which are further sub-categorized into 221 sub-zones. This classification is done with respect to the primary railway lines and arterial roads (from west to east).
●The state government of Maharashtra usually assigns the higher reckoner rates to the commercial properties and the lower reckoner rates to the residential properties.
●The ready reckoner rate also depends on the property. As far as Pune is considered, the registrar value of apartments and flats are much different from independent houses and plots, even if both happen to be in the same locality.
Steps to calculate the value at which stamp duty is payable on purchase of property in Pune:
Step 1 – Check the built up area of the property, its other features like floor, amenities, age of construction and plot area. Built up area is regarded as the higher of 1.2 times the carpet area of the flat and the actual built up area if the same is mentioned in the property documents
Step 2 – Select the applicable property type from among all the listed property types (e.g., is the property a flat or a plot or a house or a builder floor or a shop or a commercial unit)
Step 3 – Select the locality or area where the property is located from the classification available on registrar office website
Step 4 – Calculate the minimum assessed value as per current ready reckoner rate as below:
For Residential apartments:
For builder flats and resale apartments in group housing societies, sum of:
●Built up area of flat in square meter multiplied by applicable circle rate for flats in Rs. per per square meter * (1 + floor rise)
●Number of open car parking slots * 40% of the ready reckoner rate of developed land in that zone
●Number of covered car parking slots * 25% of the ready reckoner rate per unit area applicable for the property
For House Constructed on Plot:
Area of plot in square meter multiplied by applicable ready reckoner rate for flats in that area in Rs. per square meter multiplied by 1.25
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