16. Ready Reckoner & Property Valuation

Ready Reckoner is standard rate of properties fixed by the concern State Government located at different areas, it varies area wise.

In this minimum rate of property of Land, Flat, Shop, Office, Commercial etc. is notified by the state government in each accounting year and also these rates are revised every year if necessary. On each of 1st April the Reckoner Rates are highlighted on the respective portal. In Maharashtra it is notified on “ igrmaharashtra.gov.in” portal and its direct link – http://easr. igrmaharashtra.gov.in.

Under this Portal - you can remove the valuation of your property, but before that you have to insert the details in the concern portal such as District, Taluka, Village, Gat No.

Through these details the Valuation of Land, Flat, Shop, Office, Commercial are displayed in Sq. Mtr. Units which you can convert in Sq. Ft. (1 Sq. Mtr. = 10.76 Sq.Ft.)

From this you can calculate your area with reference to ready reckoner rate and remove the Government Value of the concern Property.

Before that you have to read the rules, regulations and norms how to calculated the area with reckoner rates as it differs from property to property, categories such as – of Land, Units (Flats, Shop), Commercial.

Generally land valuation can be removed easily but as concern to Flat Unit – whether it is in big or small project, on which floor it is located, Carpet Area, Terrace Area, Balcony area, construction year as per completion certificate for depreciation if applicable are the factors considered in evaluating the valuation.

Mostly to get the exact valuation of your property do visit the Sub Registrar office to remove the valuation of property which is more authentic valuation is provided on printed format by the officials.

VALUATION is categorized into two categories :

Government Value - It is evaluated from Ready Reckoner rate.

Market Value - It is the rate which is commercially dealing in the market.

*Note – Government Rate and Market Rate can be less or more as compared between them and from them which is higher on that one has to pay stamp duty & registration.

MARKET VALUE CONCEPT –

Prior to 04th July 1980 there was no market value concept and agreement values was accepted from stamp duty and now on conveyance, the purchaser is required to pay stamp duty on the market value of the immovable property transferred as per Article 25(b) of The Registration Act 1908, at the time of execution of the conveyance.

DEEMED CONVEYANCE CONCEPT –

Since from 10th December 1985, even on agreement for sale, the purchaser is required to pay stamp duty on the market value of the immovable property transferred as a deemed conveyance due to explanation appended to Article 25 (d), at the time of signing the agreement for sale itself. Whereas, prior to it agreement for sale required a stamp of Rs.5 only at the time of signing the Agreement under Article 5(h) provided stamp duty as applicable to conveyance will be payable at the time of conveyance of the immovable property in future.

Ready Reckoner Rate on IGRMaha. PORTAL :