Maharashtra's Ready Reckoner (RR) rates are set to become more accurate as the Geographic Information System (GIS) mapping of land parcels nears completion. The Maharashtra Remote Sensing Application Centre (MRSAC) has finalized rural mapping and completed 50% of urban and influence zones. GIS mapping will replace the current subjective process by integrating precise geospatial data, offering clearer insights into property values. This will aid in setting RR rates for 2024, reflecting accurate market conditions and benefiting citizens and evaluators. The updated system will use cadastral maps, population data, and infrastructure developments to establish RR rates, ensuring transparency and reducing arbitrary rate assignments.
Ready Reckoner (RR) rates in Maharashtra are expected to become more realistic as the Geographic Information System (GIS) mapping of land parcels in the state nears completion. The Maharashtra Remote Sensing Application Centre (MRSAC) has finalised the GIS mapping of rural areas, while 50% of urban regions and influential value zones have been completed. According to registration department officials, the data will assist in assessing RR rates for the upcoming year.
A senior official from the registration department mentioned that rural mapping has been completed and that 50% of work in urban and urban-influenced areas is finished. The official added that this data will aid in determining RR rates by offering a clearer picture of the area.
Influence areas refer to localities near municipal corporations or councils, which are part of the influence zone. The RR rate is a standard fixed by the state government, below which property transactions cannot occur. Stamp duty is calculated based on either the RR rates or the actual value of the transaction, whichever is higher.
The current RR rates for value zones are derived from a combination of market rates, local enquiries, documents registered with the department, media reports, real estate exhibitions, and market intelligence. However, this system, which provides rough estimates, is seen as subjective. An official from the Inspector General of Registration (IGR) stated that GIS mapping would provide a more accurate picture of property values.
It was highlighted that many rural areas, which had minimal construction a decade ago, are now witnessing significant real estate developments due to infrastructure projects announced by the state government. GIS mapping will offer a clear and immediate view of the area, benefiting both evaluators and citizens alike, said the official.
The GIS data will be integrated into the registration website for better assessment of value zones, thus preventing arbitrary rate assignments. The official emphasised that geospatial technology will enable more precise estimation of RR values based on the accurate geographic location of properties.
The system will use GIS data from village cadastral maps, gaothan areas, highways, and population figures to determine the Annual Statement of Rates (ASR) or RR rates. RR rates, which set the minimum property values for an area, have remained unchanged since 2022.
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