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
-----------------------------------------------------

Year              Stamp Duty collection

-----------------------------------------------------

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

----------------------------------------------------- 

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

Comments

  1. Unknown19 August 2015 at 14:41

    This comment has been removed by the author.

    ReplyDelete
  2. unknown19 November 2021 at 12:07


    Thanks for sharing this useful information this information will be very helpful for us regards,
    plots for sale in shamirpet.

    ReplyDelete

Post a Comment

Popular posts from this blog

Chanda boy Dr Vipin Itankar is UPSC topper in State

Image
12-06-14 * Efficiency and effectiveness are the keywords for the topper * Nagpur lads Aawesh Titarmare, Arpit Gudadhe, and Ankur Meshram also bring laurels to the region in UPSC examination results By Kartik Lokhande  “I am blessed. Vipin is extremely hard-working, dedicated and a confident guy I have ever met in my life. He was always at top since college days. I was confident that he would be in top ten in the UPSC examination as well.” (Centre) Dr Vipin Itankar, who secured 14th rank nationally and topped Maharashtra in UPSC Civil Services Examination-2013 results, celebrating with his family members in Chandigarh on Thursday. This is how Dr Shalini, wife of Dr Vipin Vithoba Itankar, reacted on learning that Vipin had emerged as the Maharashtra topper in Union Public Service Commission (UPSC) examination. Talking to ‘The Hitavada’ over telephone from Chandigarh, where Vipin and Shalini work in Government Medical College and Hospital in Sector 32, both exp...
Read more

Hinganghat: Here rests the great surveyor of India...

Image
  By Kartik Lokhande  Often, the work of explorers lives on but they get buried in the history. This is exactly what has happened in case of Lt Col William Lambton. The man credited with initiating one of the greatest scientific activities in the world -- The Great Trigonometrical Survey of India -- lays buried at a place now known as ‘Kala Gota’ amid a crowded locality behind Bus Stand in the town of Hinganghat in Wardha district. Sadly, the memorial of this great surveyor, whose work led to measuring the highest point on Earth 50 years later, has become a victim of neglect. And, surprisingly, not many know about it and the great significance of Hinganghat in the landmark survey.  Lambton Memorial, known locally as 'Kala Gota' in Hinganghat. (Pic: Kartik Lokhande) Lt Col William Lambton The benchmark stone of Great Trigonometrical Survey, in the courtyard of a house behind Bus Stand in Hinganghat. (Pic by Kartik Lokhande) Lt Col Will...
Read more

Eknath Ranade, the man with ‘Rock’ solid determination

* November 2015 marks the culmination of birth centenary celebrations of Eknath Ranade, a son of Vidarbha who made it the cause of his life to realise the dream of Vivekananda Rock Memorial at Kanyakumari By Kartik Lokhande  It was 1962, a year that had stirred the atmosphere in the country owing to several factors including a war with China. In January 1963, India was to celebrate the birth centenary of Swami Vivekananda. In down south, in Tamil Nadu and Kerala, tension was in the air over Swami Vivekananda’s memorial. There were attempts by some to claim the Rock off the shores of Tamil Nadu where Vivekananda meditated. A firm leadership is required to navigate through little storms in the journey towards realisation of a goal. Eknath Ranade, a man born in village Timtala in Amravati district of Vidarbha region in Maharashtra, was destined to be that firm leader as far as Swami Vivekananda’s memorial at Kanyakumari. Born on November 19, 1914, Eknath Ranade was the ...
Read more