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The Maharashtra government will introduce separate Ready Reckoner (RR) rates for high-rise buildings and slum settlements within the same locality through a statewide micro-zoning exercise aimed at making property valuations more realistic and equitable. The initiative, to be carried out using GIS-based mapping and surveys, will create smaller valuation zones based on infrastructure and development characteristics rather than uniform locality-based rates. The move is expected to align government valuations with market realities, reduce anomalies in stamp duty calculations and strengthen transparency in property transactions.
The Maharashtra government has announced that it will implement a micro-zoning system to establish separate Ready Reckoner (RR) rates for high-rise buildings and slum settlements located within the same locality, marking a significant shift in the state's property valuation framework.
The decision aims to address long-standing disparities arising from the existing RR system, under which properties with vastly different characteristics often fall under a single valuation zone. As a result, luxury residential towers, redeveloped projects, chawls and informal settlements situated in the same neighbourhood may currently attract similar benchmark rates for stamp duty and registration purposes.
According to the state government, the revised framework will be based on a detailed micro-zoning exercise using Geographic Information System (GIS) technology and surveys conducted with the assistance of the Maharashtra Remote Sensing Application Centre (MRSAC). The exercise will divide larger localities into smaller valuation pockets by considering factors such as infrastructure, development pattern, amenities and the nature of the built environment.
Instead of applying a uniform rate across an entire locality, the proposed system will assign separate RR values to different categories of development. This is expected to ensure that lower-value properties are not benchmarked against adjoining premium developments simply because they share the same administrative zone.
The initiative comes amid rapid redevelopment across Mumbai and other urban centres in Maharashtra, where older buildings, slums and chawls increasingly coexist with luxury towers and mixed-use projects. The government has indicated that these changing urban landscapes require a more scientific and location-specific valuation methodology.
Ready Reckoner rates serve as the government's reference values for calculating stamp duty and registration charges and are widely used in property transactions and official valuations. While market prices often exceed RR values, the benchmark plays a crucial role in determining transaction costs and government revenue.
Officials have also indicated that micro-zoning could help address situations where development premiums and charges are calculated using valuation rates that may not accurately reflect the nature of redeveloped properties. A more granular valuation framework is expected to improve consistency and reduce such anomalies.
The state plans to undertake the survey on a wider scale before implementing the revised RR structure. Once completed, the micro-zoning exercise is expected to create a more transparent and data-driven property valuation system that better reflects local market conditions while supporting more equitable assessment of stamp duty and registration charges across Maharashtra.
Source - PTI
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