What Are The Ready Reckoner Rates In Shiravane Thane?
Shiravane, in the Thane region of Maharashtra, is known as a mid-income housing hub and provides first-time homeowners with a wide range of flat and builder floor alternatives. The neighbourhood, which is dominated by native developers, has excellent access to job centres. Here is a thorough breakdown of the current ready reckoner rate in Shiravane, Thane, in case you’re considering to buy a house in this neighbourhood.
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A comprehensive understanding of the current ready reckoner rate in Thane, Shiravane, can assist prospective purchasers in making an informed choice. However, what exactly is a ready reckoner rate, & why does it matter when purchasing or disposing of real estate? The reckoner rate is used as a benchmark or as the lowest price at which property registrations in the area take place.
These government-set tariffs are frequently updated once a year to reflect the shifting local market conditions. Does this imply, however, that in real estate transactions, reckoner rates serve as the last point of negotiation? No, reckoner rates and market rates are separated by a thin line. Allow us to clarify.
Market rate and ready reckoner rate differences
In real estate transactions, knowing the difference between the Ready Reckoner Rate & Market Rate is essential. The two rate kinds are compared side by side in the table below.
| Ready Reckoner Rate | Market Rate |
| Ready reckoner rates are fixed and frequently updated on a yearly basis. | Negotiating market pricing with the seller is possible. |
| According to official records, the minimal value at which a property can be registered is called the ready reckoner rate, also called the circular rate or guiding value. | The real price that a property is purchased or sold for on the open market is known as the market rate. |
| The state government makes this decision based on a number of variables, including infrastructure, facilities, and location. | Demand, supply, location patterns, and other market factors all have an impact on this. |
Importance of the ready reckoner rate
What significance does the ready reckoner rate have, then, if the market rate determines the ultimate sale amount? These rates are essential in setting property taxes, stamp duty, & registration fees since they serve as the government’s minimum assessment of land and property. Both buyers & sellers in the real estate market might gain from having a thorough understanding of the ready reckoner rate.
What is Shiravane’s current ready reckoner rate?
The current ready reckoner rate in Shiravane, Thane, is displayed in the table below.
| Subdivision | Land/plots | Residential | Corporate | Commercial | Industrial |
| 31/365A-Plot held by Maharashtra Industrial Development Corporation | Rs 21500 per sq m | Rs 48300 per sq m | Rs 66000 per sq m | Rs 82600 per sq m | Rs 66000 per sq m |
| 31/365/2-residential plot under the jurisdiction of Maharashtra Industrial Development Corporation | Rs 31200 per sq m | NA | NA | NA | NA |
| 31 /365-Shirwane (part) for non-agricultural use sq.m | Rs 19100 per sq m | Rs 51000 per sq m | Rs 66900 per sq m | Rs 72200 per sq m | Rs 66900 per sq m |
| 31/365/3-Commercial Plot under the jurisdiction of Maharashtra Industrial Development Corporation | Rs 63000 per sq m | NA | NA | NA | NA |
Factors impacting ready reckoner rates in Shiravane, Thane
We all know that the government sets reckoner rates, but how are these rates determined by the ruling class? The derivation is predicated on a few significant elements, such as
Location
A property’s location has a big influence on the ready reckoner rate. Suburban locations are not as expensive as prime districts like Bandra in Mumbai or Koramangala in Bangalore. Comparably, reckoner rates will be more reasonably priced in places like Shiravane, which fall within the mid-segment category.
Infrastructure development
Higher ready reckoner rates are typically seen in areas with greater infrastructure, including connectedness, well-maintained roads, and water supplies, as these amenities raise living standards.
Property size and type
One major factor is the property’s size. Because more people are looking for rooms that are big, larger homes typically offer higher ready reckoner rates. Nevertheless, a property’s reckoner rate may also be influenced by its age and usage.
Impact of selling houses below the ready reckoner value in Shiravane
Selling real estate for less than its ready reckoner value carries serious legal ramifications for both buyers & sellers. But there are other repercussions for selling below the government-approved rate besides legal headaches. This is what may occur:
Impacts on Purchasers
Banks’ use of the reckoner value in property appraisal may make it difficult for buyers to get loans. Buying under this amount could result in increased stamp duty costs and make it more difficult to sell the home for a reasonable sum.
Impact on the market
Last but not least, in the local real estate market, selling for less than the set price could disrupt supply and demand. This could start a domino effect that affects all the other nearby towns and areas.
Effects on sellers
Sellers run the danger of undervaluing their assets and missing out on possible gains. Additionally, selling below the ready reckoner rate may lead to concerns about the participation of black money, which could harm their reputation and future business dealings.
Problematic subject of ready reckoner rates
Both buyers and sellers of real estate in the Mumbai Metropolitan Region (MMR) have expressed worry about the reckoner rates. These rates, which are used to determine property taxes, are frequently out of date and don’t accurately represent a property’s market value. Because of these inflated rates, buyers ultimately pay greater stamp duty charges.
In addition to having an effect on real estate transactions, this disparity costs the government money. A few of the prevalent problems can be summed up as
- Infrequent changes to ready reckoner rates
- Differences between official rates and market value
- Stamp duty & capital gains taxes have increased.
These disparities show how urgently the ready reckoner rates in Mumbai need to be thoroughly reviewed and revised in order to guarantee honest and open real estate transactions. Though these are fictitious scenarios, purchasers are strongly encouraged to get in touch with their local real estate agents for a more detailed understanding of the property’s ready reckoner rates.
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