The ready reckoner rates in Mumbai are the government-determined benchmarks, below which a property cannot be sold and registered in the state’s records. Even if the owner decides to sell the property at a rate less than the ready reckoner (RR) rate, they will have to pay the stamp duty and registration charges, based on the applicable RR rates.
For the uninitiated, the RR rates are decided by the state government and regularly revised. The RR rates in Mumbai are based on the area, property usage and prevalent market rates of property.
While Maharashtra had increased the RR rate for the entire state by an average of 1.74% in September 2020, no hike was announced for Mumbai, a city that is considered among the most expensive housing markets in the world and the most unaffordable residential market in India.
Based on the RR rate, a buyer’s stamp duty and registration charge liabilities are calculated. These amounts must be paid to the Maharashtra Revenue Department, before appearing in the sub-registrar’s office for a property registration appointment.
Ready reckoner rates in Mumbai’s various zones
The RR rate, known as the circle rate or guidance value in other Indian states, is based on the location of the property. The benchmarks differ from one locality to another. The tables below present the RR rates in selected zones of Mumbai.
RR rate in Colaba
RR rate in Worli
RR rate in Malabar and Cumbala Hill
RR rate in Byculla
RR rate in Lower Parel
RR rate of Princess Dock Division
RR rate of Tardeo
RR rate of Dadar-Naigaon
RR rate of Parel & Sewri
RR rate of Mazgaon
RR rate of Girgaum
RR rate of Salt Pan Division
RR rate of Sion
RR rate of Dharavi
RR rate of Mahim
RR rate of Matunga
RR rate of Bhuleshwar
RR rate of Mandvi
How to check the ready reckoner rates for Mumbai?
Step 1: Visit the IGRS Maharashtra website. Click on ‘e-ASR’, under ‘Online Services’, and select ‘Process’.
Step 2: A map of Maharashtra with the names of all the districts will be displayed. Click on ‘Mumbai’.
Select the ‘Village/Zone’ to narrow down your search.
Step 3: The ready reckoner rates of the area would be displayed.
What are ready reckoner rates?
Ready reckoner rate is the government determined value of land and property below which those can’t be registered in state records. Stamp duty payments are based on ready reckoner rates.
What are the other names for ready reckoner rates?
Ready reckoner rates are also known as circle rates and minimum guidance value in other states.