PUNE: There is a 5 to 10% increase in the ready reckoner rates for the city and Pimpri Chinchwad while it is between 10-15% in the rest of the state. The state government on December raised the rates for properties which will come into effect from January 2014.
Last year, notwithstanding the high property prices, the rates had increased at an average of 10-20 % in the city limits.
The ready reckoner (RR) is the basis for the calculation of the market value of flats for stamp duty and registration charges. Both are big sources of revenue for the government after sales tax and value-added tax.
The RR rates are used as a reference or a base price for various land deals, acquisitions and property- related matters. Generally, the rates in the open market are much higher than the RR rates but government approval plays an important role when it comes to compensation, fixing prices and land acquisition.
More details in the RR rates in various areas of the Pune and Pimpri Chinchwad municipal limits will be announced in a few days.
State IGR S Chockalingam said, “The increase in Pune and Mumbai is a little less because most people in these areas are the salaried class who generally opt for loans which is accounted money. The deals here gets reflected every year and real values of properties are seen.”
The office of the Inspector General of Registration (IGR) on December 31 said revisions have been announced on the basis of various parameters such as rates at which documents were registered the previous year, property prices in the respective areas and rates quoted for the properties. The rates are quoted broadly in four categories for municipal corporations, municipal councils, influential areas and talukas in rural parts.
The Pune division has about 1,280 zones located in municipal corporation areas. Of these, 1,277 zones have registered up to 20% increase and remaining three zones have registered more than 20% increase in the ready reckoner. Of the 1,309 zones in municipal councils, about 1,255 have registered up to 20% increase, while 54 have registered an increase more than 20%.
Of the 733 influential areas in Pune division, 602 have registered an increase up to 20% and remaining 131 areas have registered more than 20% increase. While in the rural parts, of 57 talukas, 14 have registered more than 20% increase and 43 talukas have registered up to 20% increase.
In Mumbai, of 737 zones in municipal areas, 711 have registered an increase up to 20% and 26 have registered an increase above 20%.
The overall trend across all the corporation areas in the state has remained similar to the trend in Pune and Mumbai. Of 9,002 zones in the corporation areas about 6,265 have registered up to 20% increase while 2,737 have registered above 20% increase.