Curation Team
NAGPUR: Home buying became costly across several pockets in the city as the Maharashtra govt revised the ready reckoner rates after two years. A final decision was only taken by 9pm, even as new schedules were already sent to the town planning offices down the line on Monday morning. The rates are applicable from April 1.
In Nagpur, there is an average increase of 4.23% in the localities within the municipal corporation’s limits and 6.60% in pockets within the Nagpur Metropolitan Region Development Authority (NMRDA). The latter includes properties on the outskirts of the city. Amravati city has seen the third-highest increase in the state at an over 8% revision after Solapur and Ulhasnagar.
The ready reckoner is the threshold valuation taken into account while calculating stamp duty payable to state govt or capital gains tax to the Centre. This means if the ready reckoner rate of a locality is Rs10,000per square foot and a property is sold at Rs9,000, the stamp duty has to be paid at Rs10,000. In Nagpur a 7% stamp duty is levied, said builders.
In the case of a resale of property, even profits in the hands of a seller have to be calculated on the ready reckoner. A capital gains tax has to be paid on the profit.
The state govt revises the ready reckoner rates every April 1. However, this year the suspense continued till late evening for the registrar and town planning offices down the line. The new schedules were received, but there was no official confirmation until 9pm.
A quick look at the schedule showed there was no change in the rates in some of the prime locations in the city, though there has been a revision of 10% in some upscale localites.
The ready reckoner valuation for the flats in a stretch from Variety Square to Maharajbhag was kept unchanged at Rs 7,880 per square foot. Other areas where the valuation for flats has not been changed include Kingsway (Rs 6,000), pockets of Dharampeth (Rs 7,510), and Residency Road, Sadar (Rs 9,200 per square foot).
However, some plush areas also saw a tangible increase. For example, the rates for constructed property like flats for the stretch from St Ursula School to Jaika Motors increased by 9% to Rs 8,891 per square foot. In parts of Shivajinagar, the new rates for flats are around Rs 7,372 per square foot, which is an increase of 7% compared to the previous rates. North Ambazari Road now has a valuation of over Rs 8,270 per square foot, and it is Rs 6,256 per square foot for premium Byramji Town. This is an increase of 10% and 9%, respectively. The rates for pockets along the Samruddhi Mahamarg like Shivmadka and Sondapar have been left unchanged. The valuation for flats in Jamtha increased by nearly Rs 300 per square foot to Rs 3,788.
There was no change in the ready reckoner rates since 2022-23. The rates were not changed in 2018-19 and 2021-22 either. In the last 10 years, the highest increase was in 2015-16 at 14%. Akola has a revision of 7.39% and its 2.20% for pockets within Chandrapur Municipal Corporation and 7.30% in outer areas.
