Nagpur: The buyers heaved a sigh of relief as they will not have to pay more while purchasing property as the State Government has made no change in Ready Reckoner (RR) rates. The last revision was made in fiscal year 2018-19, and so this is the fourth consecutive year that the RR remains the same. The rates are revised every financial year on April 1.
The rates are the basis for stamp duty calculation and valuation of any property for income tax purposes. For example, if a property is sold for Rs 35 lakh and its ready reckoner rate is Rs 40 lakh, then the person has to pay stamp duty for Rs 40 lakh. With no change has been made in the RR rates, the person has to bear lesser cost. Government conducts its own exercise as per the same it noticed that the values in some parts of Nagpur have changed.
Gold Rate
Tuesday 04 Feb. 2025
According to experts, the maximum rate of the property in Nagpur comes to Rs 12,000 per square foot. These rates were found in areas like Ramdaspeth, Dhantoli, Wardha Road, Besa and Manish Nagar too. The parts of Besa, Manish Nagar are growing at a faster pace. The demand for property is more in these areas.
Hiralal Sonawane, Inspector General of Maharashtra Registration and Stamp Duty has given the instructions to keep the rates as it is. He made it clear that the rates of 2023-24 will not be changed. All the charts of annual rates and guidelines for valuations will be kept as it is. He passed these instructions on March 31, 2024.
The rates were increased in the year 2022. During COVID-19 pandemic also, rates were not increased. The rates are changed on the basis of information collected by the field officers. They work in various corners of the State.
What is Ready Reckoner rate
It is the minimum valuation set by the state government for properties in a particular area. It serves as a benchmark to calculate various taxes, charges, and fees related to property transactions, including stamp duty and registration fees.
Government-appointed authorities, such as the revenue department or municipal corporation, periodically assess and revise the Ready Reckoner rates for different localities based on factors such as location, market trend and property characteristics.
