Table of Contents

• Defining Ready Reckoner Rate
• What is Thane’s Ready Reckoner Rate in 2022?
• How to Find/check Ready Reckoner Rates in Thane 2022?
• Factors Affecting Ready Reckoner Rate in Thane
• Conclusion 

Defining Ready Reckoner Rate

A Ready Reckoner Rate, also called RRR, circle rate, and annual statement rate (ASR), varies for each state, city, and locality. It is the measured value of an immovable (residential, industrial, commercial, and land/plot) real estate property regularized by the particular state government. In an effort to make precise property valuations, In India, every state government prepares and issues locality-wise rates annually collated as Ready Reckoner Rate [RRR]. So, the circle rate/RRR is like a benchmark without which no real estate property type transactions can occur in the respective state/city/locality. A ready reckoner rate is revised periodically based on market dynamics. And each state, city, and locality has a specific ready reckoner rate of its own. Basically, it gives the home buyer a clear picture of how much he is supposed to pay for the property established in a particular area. Besides, since the market rate in most cases is greater than the ready reckoner rate, it is always advisable to invest in an area with a lesser gap between the two. As the increase in RRR infers higher market rates and higher market rates lead to higher purchasing costs for a buyer.

What is the Ready Reckoner Rate in Thane?

Maharashtra is an umbrella for many amazing cities, and one such city is Thane, also noted as the “City of Lakes.” The district of the Konkan region is well known for its recreational places and for thriving real estate projects. So, various reasons make the city more promising in real estate, including lower stamp duty prices and lower RRR. Presently, the state’s stamp duty and registration charges are up to 5% and 1%, respectively. 

Maharashtra Government decides on ready reckoner rate Thane every year-end, and the rates are valid for the financial year. They are decided after Maharashtra Stamp Act and the Maharashtra Stamp Rule, 1995. 

The stamps and registration department of Maharashtra state prepared the RRR or ASR(Annual Schedule of Rate) of properties in Maharashtra. It is made to assess the market value of properties for the stamp duty. The ASR is available through the web application “e-ASR “ on the government portal.

If RRR in Thane is recorded at a minimum price value, then the property transaction will not happen. In any case, if it happens, the home buyer has the right to book a complaint under the RERA act, and this would charge a maximum penalty to the seller. As described in the above paragraph, the rates are different for each property type and for every area. Just to list the cities under Thane, Kalyan, Murbad, Bhiwandi, Shahapur, Vasai, Ulhasnagar, Ambarnath, Dahanu, Palghar, Talasari, Jawhar, Mokhada, Vada , Boisar and Vikramgad. 

Generally, you would witness higher rates in deluxe areas in comparison to under developing areas. Same way, commercial properties have higher ASR/RRR while residential properties/homes have lower rates. 

Maharashtra government released the following RRR in Thane for apartments/flats, lands, industrial, office space, and shops.

Below are the rates of each property type:

The Following are the rates of cities in Thane district:

How to check Ready Reckoner Rates in Thane?

If you decide to buy a property in a specific area, you must make a practice to check RRR. You can check the rates of any property on the official portal at www.igrmaharashtra.gov.in > SARATHI > Valuation. You can personally visit the sub-registrar’s office and check rates for the particular area in which you will buy a property. Click on eASR and find state, city, and area-wise rates to check the data online.

The following steps would really help you:

Marathi and English languages are available for the link.

Step 1: Click on the official link, scroll down to find “Online services.” You find ‘eASR’ in online services; click ‘process’ from the drop-down. If you want to look at the user’s guide and check FAQs before proceeding, select accordingly.

Step 2:  Click on ठाणे (Thane), it will take you to a fresh page of Annual Statement of Rates. 

Step 3: Here, select taluka and village (from drop-down) where you are purchasing your property. 

Factors Affecting Ready Reckoner Rate in Thane

So, there are various factors upon which the RRR varies or fluctuates, including amenities offered, the market dynamics of the property, and the type of property.

The Annual Statement of Rates (ASR)/RRR is divided by area (urban, rural, influence) and subzones. You see higher rates in urban areas, and you will notice lower rates in rural areas.

Rates also vary on property types; commercial spaces have higher rates while residential have lower rates.

If the property is situated in a convenient location, close to all local amenities (hospitals, educational institutions, shops, etc.), then the rates are considerably higher. 

Conclusion

So, it’s always good to check the RRR before buying any property (residential, commercial). Easy steps mentioned to be followed by visiting the department of registration and stamp duty website. It sure helps you in deciding or estimating the cost of the property.

The post Ready Reckoner Rate in Thane (2022) appeared first on GharOffice Blog.