Ready Reckoner Rate Mumbai 2017

Ready Reckoner Rates

• Ready reckoner rates refer to the minimum rate notified by the government through the registrar or sub registrar office of Mumbai 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 Mumbai

Stamp duty rate in Mumbai payable for registering property

• Stamp duty is payable as a percentage of the higher of declared agreement value and assessed value as per ready reckoner rate chart.

Current stamp duty rates in Mumbai:

Registration charges payable for registering property in Mumbai?

• Registration charges are an additional levy over and above the stamp duty and are levied to cover the cost of running registration offices by the government
• While registering property in Mumbai you will need to pay a registration fee of

What does ready reckoner rate in Mumbai depend upon? Are the rates same across Mumbai?

• Ready reckoner rates tend to vary across various areas of Mumbai depending upon the market value of the area and the facilities that are available in that area
• Mumbai administration has divided the properties in Mumbai and its suburbs into 19 divisions or 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 Mumbai is available here
• Typically, government tends to assign higher ready reckoner rate to commercial properties and lower rates for residential properties
• Ready reckoner rates also depend upon the type of the property. Registrar value of flats and apartments in Mumbai is different from that of plots and independent houses even in the same area
• Stilt parking and open parking are to be taken into account while arriving at assesses value for payment of stamp duty. The value of parking slot attached to an apartment is linked to ready reckoner rates as below:

Valuation of parking slots in Mumbai:

Stilt parking or covered parking	Area of parking slot multiplied by 25% of the ready reckoner rate per unit area applicable for the property
Open parking	Area of parking slot multiplied by 40% of the ready reckoner rate of developed land in that zone

• It is well known that buyers in Mumbai prefer flats on higher floors and hence these are priced higher by builders and in resale markets. Builders charge a “floor rise” component for flats located on higher stories. Thus, the government of Maharashtra and Mumbai registrar office charge a premium on ready reckoner rate on flats located on higher floors as below:

Floor rise premium on flats in Mumbai for calculation of ready reckoner rates

Floor of the apartment block	Premium
Upto 4th floor	Nil
5th to 10th floors	5%
11th to 20th floors	10%
21st to 30th floor	15%
31st floor an above	20%

How to calculate value of a property for payment of stamp duty in Mumbai using circle rates?

Simply follow the following steps to calculate the value at which stamp duty is payable on purchase of property in Mumbai

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 or on MyLoanCare

Step 4 – Calculate the minimum assessed value as per current ready reckoner rate as below:

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

House Constructed on Plot

Sum of: 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

What is the difference between market rate and ready reckoner rates?

• Ready reckoner rates are notified by the government and are used as reference point for payment of stamp duty on property transaction registrations in Mumbai
• Market prices refer to the actual price at which property sale-purchase transactions are transacted between buyers and sellers
• In most cases, ready reckoner rates tend to be slightly lower than market prices. However, in some cases it is seen that the ready reckoner rates may even be higher than market prices

Main localities and colonies in Mumbai for calculation of ready reckoner rate

• Andheri East
• Andheri East Kurla Road
• Andheri East Marol
• Andheri Oshiwara
• Andheri Varivali
• Andheri Versova
• Andheri West
• Bandra East
• Bandra Reclamation
• Bandra West
• Bapnala
• BKC and Kalina
• Borivali East
• Borivali West
• Brahamanwada
• Byculla
• Colaba
• Dadar
• Dharavi
• Dindoshi
• Fort
• Girgaum Chowpatty
• Goregaon East
• Goregaon West
• Jogeshwari East
• Jogeshwari West
• Juhu
• Kandivali East
• Kandivali West
• Lower Parel
• Madh Village
• Mahim
• Malabar and Cumballa Hills
• Malad East
• Malad West
• Malad West North
• Malad West South
• Malvani
• Mandvi
• Marine Drive
• Matunga
• Mazgaon
• Nariman Point
• Parel Sewri
• Parigha Creek
• Parjapur Andheri
• Princess Dock
• Sahar
• Salt Pan
• Sion
• Tardeo
• Vile Parle East
• Vile Parle West
• Villages
• Wadhvan
• Worli