Latest Pune Ready Reckoner Rates 2024-2025: Calculation, Impact, and FAQs

On March 31st every year, the State Revenue Department delivers the Ready reckoner rate. A minimum value will be established for various transactions to encourage equity in property transfers. The most recent release indicates that the ready reckoner rates will not change between 2024 and 2025. To learn more about Pune’s ready reckoner rates, keep reading.

The government of Maharashtra determines Pune’s ready reckoner rates to determine value of property. These rates, which are expressed in sq m, make sure that a real estate is sold for a minimum amount to guarantee consistency in transactions.

In 2024–2025, the state administration has made it clear that there’ll not be a fee increase. Read this blog to know about the current ready reckoner rates in Pune.

What do you understand about the Ready Reckoner Rate in Pune?

The ready reckoner rate is the lowest price a property transaction can go for per square meter. These rates are set up by the government of states and keep changing as per the age of the construction, area, and metro conveniences. Under this standard rate, no real estate transaction can take place in a particular neighborhood.

Following are the factors responsible for reckoner rates in Pune, 2024:

• Area of the property
• Property type (plot, residential, commercial, or agricultural) 
• Offices accessible nearby 
• Recorder worth of properties
• Age of the property

How is the property rate calculated with Ready Reckoner Rate in Pune?

Two factors are taken into account when determining a property’s value: 

• Circle pace or Ready Reckoner of the area thinking about the property type, its age and utility. 
• Property’s usable area or Built-up area 

To calculate the value of property, the formula used is:

Property Value = Built-up Area (sq m) * Ready Reckoner Rate (Rs/sq m)

If a new landowner purchases a 500 sq m apartment for 50,000 rupees at ready reckoner, the property’s value is as follows:

Property value : 500 x 50,000 =  2,50,00,000 rupees

The stamp duty and registration costs will then be calculated using this property evaluation. On official domain, the property is registered in the owner’s name by paying assessed fees to the government.

Example For Computing Property Estimation Utilizing Ready Reckoner Rate 

Let’s use an example to show how the Ready Reckoner Rate and the property area can be used to calculate the property’s value in rupees. Let’s say that an 800-square-foot residential property in a particular part of Pune has a Ready Reckoner Rate of Rs. 5,000 per square foot. The following would be the calculation: 

Ready Reckoner Rate x Property Area = Property Value The property is worth Rs 5,000 per square foot, or about 800 square feet. 

Property Estimation = Rs 40,00,000. Thus, in this model, the assessed property estimation in light of the Ready Reckoner Rate and the given property region would be Rs. 40,00,000. It is always advisable to keep in mind that this is only a simplified example; actual calculations may require additional adjustments and considerations based on property characteristics and local regulations.

Also Read: An Insight On The Cost Of Living In Pune

How to Use the Ready Reckoner Rate to Determine Stamp Duty

Using the same property valuation and a 6% stamp duty rate, let’s compute the stamp duty.

Property Value × Stamp Duty Rate equals Stamp Duty.

Using the Rs 4,000,000 property worth that we previously determined and a stamp duty rate of 6%:

Rs 4,000,000 × 0.06 is the stamp duty.

240,000 rupees is the stamp duty.

With a property space of 800 square feet and a Ready Reckoner Rate of Rs. 5,000 per square foot, the stamp duty in this case would be Rs. 240,000 at a stamp duty rate of 6%. 

What is the impact of Reckoner Rates in Real Estate of Pune?

• Preventing Undervaluation:

Ready Reckoner Rates provide equitable property pricing, protecting sellers from undervaluing their holdings and purchasers from incurring excessive stamp duties.

• Transparency and Stability:

Rates that are made publicly available foster predictability and confidence, providing market stability for both buyers and sellers.

• To increase Government Revenue:

More stamp duty is collected as a result of higher ready reckoner rates, which pay for social programs and public works projects.

• To reduce black money:

By establishing minimum values, Ready Reckoner Rates encourage openness in real estate transactions and discourage unethical ones.

Conclusion 

Because they provide a standardized valuation framework, property transactions require an understanding of and utilization of Pune’s ready reckoner rates.

By considering these pune rates in property areas, people can accurately determine property values, enabling fair transactions and ensuring compliance with legal requirements during property registration.

FAQs

Will the real estate prices in Pune decline in 2024?

The price of newly constructed residences has increased by about 5% YoY since last year. 

What does the real estate market of Pune have in store?

It is expected that the residential real estate market in Pune would increase at a rate higher than the average of all house sales during the preceding five years.