Up to 40% rise in ready reckoner rates

* The year 2013 registers 25-40 per cent increase in sale-purchase of properties in areas on the periphery of the city

Staff Reporter
Compared to increase of 15-18 per cent in 2013, ready reckoner (RR) rates have been raised by 9-30 per cent in the city areas and by 25-40 per cent in areas on the periphery of the city. The revised rates will come into effect from January 1, 2014.
Ready Reckoner provides minimum rate at which stamp duty has to be paid by purchaser of a property irrespective of the price at which deal is struck. Compared to previous year, the rise this year is higher. The rise has been cleared despite the opposition to any increase by almost all the major political parties considering the fact that Lok Sabha and Legislative Assembly elections are to be held in 2014.
Based on the property deals in the year 2013, the RR rates for 2014 have been increased from 9-30 per cent for areas in the city and 25-40 per cent for areas on the periphery of the city. Besa-Beltarodi and other such areas in the vicinity of the city saw increase of 25-40 per cent in property deals. This is higher as compared to an average rise of 15-18 per cent the previous year. In 2013, agricultural land in Besa and Beltarodi saw a rise of around 25 per cent in RR rates compared to previous year. Most of the city areas had witnessed an average rise between 15 to 18 per cent.
The RR rates for 2014 have been increased between 9-20 per cent for Mouza Somalwada, 20-25 per cent in Chinchbhuvan, 10-15 per cent in Jaitala, 10-15 per cent in Dighori, and 9-15 per cent in Sitabuldi. According to sources, with property in core areas of the city becoming costlier, focus is on luxurious properties for which there is lesser number of high-end buyers. As a result, number of transactions is lower though cost may be high. In comparison, areas on the outskirts are seeing more development in real estate. Constructions are coming up on vacant plots and number of townships also is increasing in these areas. As a result, there are more transactions.
Nagpur city is divided into 701 zones for calculating stamp duty payable from prospective buyers. in 2013, 148 of these zones had registered a rise up to 10 per cent. These included areas like Jaitala, Wathoda, Nara, Zingabai Takli, Pardi, Hudkeshwar, Chinchbhuvan. Areas like Khamla, Sakkardara etc were in 438 zones registering rise of 11-20 per cent. There were 115 zones recording increase of over 20 per cent, and these included core areas like Ramdaspeth, Dhantoli, Dharampeth, Shankar Nagar, Civil Lines, Mahal, Gandhibag, Itwari. The details of area-wise increase are likely to come up in next few days.
Till a few years ago, RR rates and actual market rates were widely separated. To save money on stamp duty, which is charged on the cost of transaction quoted in sale deed, buyers and sellers resorted to quoting lesser-than-actual cost of property in documents. This resulted in the Department of Registration and Stamps getting lesser-than-expected revenue through stamp duty. Six to seven years ago, the Government decided to reduce the gap between RR rates and actual market rates. According to officials of Town Planning and Assessment Department, the gap has been reduced to less than 30 per cent gradually.
Through this exercise, stamp duty collection in State has seen increase over the years. As per the available data, the stamp duty collection in State was Rs 8,384 crore in 2008-09. It increased to Rs 15,000 crore in 2012-13. With further increase in RR rates, the State expects to mop up revenue through stamp duty collection to an estimated Rs 20,000 crore at the end of 2013-14.

Stamp Duty collection in State
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Year              Stamp Duty collection

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2008-09            Rs 8,384 crore

2009-10            Rs 10,901 crore

2010-11            Rs 13,411 crore

2011-12            Rs 14,800 crore

2012-13            Rs 15,000 crore

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(Published in The Hitavada CityLine on January 1, 2014)

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