Ready Reckoner - what is it?

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What does ready reckoner rate in Mumbai depend upon? Are the rates same across Mumbai?

  • Ready reckoner rates tend to vary across various areas of Mumbai depending upon the market value of the area and the facilities that are available in that area
  • Mumbai administration has divided the properties in Mumbai and its suburbs into 19 divisions or zones and further into 221 sub zones based on location. Classification of zones and sub zones is mostly done with reference to main arterial roads and railway lines (west to east) – the marine drive, the linking road, the western railway line, the western express highway, the central railway line, the eastern express highway and the harbor line. The current classification of areas in Mumbai is available here
  • Typically, government tends to assign higher ready reckoner rate to commercial properties and lower rates for residential properties
  • Ready reckoner rates also depend upon the type of the property. Registrar value of flats and apartments in Mumbai is different from that of plots and independent houses even in the same area
  • Stilt parking and open parking are to be taken into account while arriving at assesses value for payment of stamp duty. The value of parking slot attached to an apartment is linked to ready reckoner rates as below:

    Valuation of Parking Slots in Mumbai

    Stilt parking or covered parkingArea of parking slot multiplied by 25% of the ready reckoner rate per unit area applicable for the property
    Open parkingArea of parking slot multiplied by 40% of the ready reckoner rate of developed land in that zone
  • It is well known that buyers in Mumbai prefer flats on higher floors and hence these are priced higher by builders and in resale markets. Builders charge a “floor rise” component for flats located on higher stories. Thus, the government of Maharashtra and Mumbai registrar office charge a premium on ready reckoner rate on flats located on higher floors as below:

    • Floor rise premium on flats in Mumbai for calculation of ready reckoner rates

    Floor of the apartment blockPremium
    Upto 4th floorNil
    5th to 10th floors5%
    11th to 20th floors10%
    21st to 30th floor15%
    31st floor an above20%

Stamp Duty in Mumbai

  • Stamp duty is payable as a percentage of the higher of declared agreement value and assessed value as per ready reckoner rate chart.

Current Stamp Duty Rates in Mumbai

Stamp Duty RateRates
Males6%
Females6%
Male and Female Joint Owners6%

Registry Charges in Mumbai

  • Registration charges are an additional levy over and above the stamp duty and are levied to cover the cost of running registration offices by the government
  • While registering property in Mumbai you will need to pay a registration fee.

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