Table of Contents

• Premium charged on Ready Reckoner Rate
• Ready Reckoner Rates Area and Project Wise in Navi Mumbai
• How to Find/ check Ready Reckoner Rates in Navi Mumbai 2022
• What is the Market Value, and how it is calculated
• Understanding what Ready Reckoner Rates are
• Ready Reckoner Rates in Navi Mumbai 2022
• Factors on which Ready Reckoner Rates depend on in Navi Mumbai

Premium charged on Ready Reckoner Rate.

The Maharashtra Ready Reckoner Government rate charges a premium for apartments, especially for high rising apartments.

Ready Reckoner Rates Area and Project Wise in Navi Mumbai

The Ready Reckoner Rates in Navi Mumbai area wise and property type are as follows:

There are various builders building and selling property in Navi Mumbai. The rates are as follows:

How to Find/ check Ready Reckoner Rates in Navi Mumbai 2022

You can check the Ready Reckoner Price of Navi Mumbai by performing the following steps:

• Step 1: Go to the official website of the “Department of Registration and Stamps Maharashtra.”

https://igrmaharashtra.gov.in/eASR/frmMap.aspx

• Step 2: Click on the area Mumbai Upnagar
• Step 3: Select the District and Village from the drop-down menu
• Step 4: The list of the following rates will be displayed on the screen

Note: You can also check the rates using the survey number by clicking on the survey number and entering the survey number in the required field. The rates will be displayed then

What is the Market Value, and how it is calculated?

Market value is the price on which the property can be sold, and the stamp duty and registration are acquired determined based on ready Annual Statement Rate (ASR) Navi Mumbai. The Ready Reckoner value was published on the 31st December 1995 under the Maharashtra Stamp Act and Rule.

The agreement value of the property can be higher compared to the market value and the stamp duty is charged on the rate which is higher.

Factors like the market value of the property and amenities offered are the factors that determine the Annual Statement rate. If the property is not sold at the given Government Ready Reckoner rate, the home buyer can complain in RERA

Understanding what Ready Reckoner Rates are

Annual Statement Rate or Circle Rate, commonly known as Ready Reckoner Rates (RRR), are the minimum values set for a real estate property by the Government. These values vary from state, city and locality. It is the measured value of an immovable real estate property regularized by the particular state government. The state government notifies a minimum amount that has to be paid via a registrar or a sub-registrar. Every state government present in India prepares and issues its own rates annually collected in the form of Annual Statement Rate/RRR. Circle Rates are bound to change on a yearly basis, and they can either be increased or decreased depending on the factors of the Market Value or so.  Circle rate/RRR is usually measured per square meters or hectares. RRR rates are important since they help determine the stamp duty charges when any property purchased is registered.

Ready Reckoner Rates in Navi Mumbai 2022

Now that we’ve got a basic idea of what RRR is, let’s look into the Circle Rate/RRR in Navi Mumbai. The state government can set a minimum rate for land or any other assets since it is subject to the state. In Navi Mumbai, no property transaction can be done below the given minimum value and above the set Ready Reckoner Value. The areas that come under Navi Mumbai are as follows:

Vashi, Sanpada, Airoli, Ghansoli, Nerul, Kopar Khairane, CBD Belapur, New Panvel, Kamothe, Ulwe, Kalamboli, Dronagiri, Khargar and Taloja. The rates differ from each location as they depend on various factors like land use, land market, interest rates, circle rate and the overall real estate value of that certain area. As of now, the Circle rates in Navi Mumbai range between Rs 14,900 sq. meters to Rs 1,40,000 sq. Meters

Factors on which Ready Reckoner Rates depend on in Navi Mumbai

Different types of lands/properties have different rates set for them. The types of lands are as follows:

• Open Plot
• Residential
• Shop or Commercial
• Agricultural or Non-Agricultural
• Office or Industrial

The Ready Reckoner Price of residential, land, office and shop are decided on the following factors:

• The market value of any property (or) sector
• Amenities offered around the area or within the property
• Types of property/residential, flat, plot etc

The charges are usually high for Commercial spaces compared to Residential spaces since the cost to maintain a Commercial property is higher. The rates for Urban areas are higher compared to Rural areas.

Also, Read Ready Reckoner Rates in Thane

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