Ready Reckoner Rate Mumbai 2021

• 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 the ready reckoner rate chart applicable for the sector or area of Mumbai.
• Ready Reckoner rates of Mumbai have remained unchanged for FY 2021 – 2022. The ready reckoner rates were last hiked on September 12, 2020, by the Government of Maharashtra.

• 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 subzones 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 harbour 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 assessed value for payment of stamp duty. The value of the 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 `

  table table-striped mt-1	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%

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

Current Stamp Duty Rates 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.

Simply follow the following steps to calculate the value at which stamp duty is payable on the 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 the registrar office website or on MyLoanCare.

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

• Ready reckoner rates are notified by the government and are used as a 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.

✅What is the ready reckoner rate in Mumbai?

Ready reckoner rate is a standard value of immovable property in Mumbai. The ready reckoner rate for residential flats and houses constructed on the plot is different and the formula to calculate them is also different.

✅What is a ready reckoner rate?

It is a standard value of the residential flat or house constructed on a plot. The rates are decided by the Maharashtra government. It is a rate below which no property transaction can not take place in a locality in Mumbai

✅What are the factors on which circle rates depend in Mumbai?

The Maharashtra Government determines the circle rates in Mumbai depending on the below-mentioned factors:

• Type of property
• Usage of the property
• Amenities in the property
• Stamp & Registration Value

✅What is the current stamp duty in Mumbai?

The current stamp duty in Mumbai is 3%. The rates are revised periodically to boost the residential real estate market post-pandemic lockdown. Before the pandemic, the stamp duty in the city was 3%.