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Friday, February 11, 2011

Property rates and registration revenues in Pune

Property rates go up 18-20% in ready reckoner

Pune: The government ready-reckoner rates — which spell out the minimum base rate for valuation of properties across the state — have been increased by 18 to 20 per cent.

The new ready-reckoner rates will be effective from Saturday, said the Pune-headquartered office of the Inspector-General of Registration and Controller of Stamps (IGR) in a statement.

The ready-reckoner is primarily used for valuation of a property so as to calculate the minimum stamp duty and registration charges while registering a sale/purchase deal. However, a 18 to 20% rise in ready-reckoner rate, ie the govt. valuation of property, does not directly affect property buyers. This is so because the market rate at which the property is sold/purchased is normally much higher than the government valuation. Registration charges are to be calculated on either the market rate or the ready-reckoner rate, whichever is higher. In majority of the cases, the market rate mentioned in the sale document is much higher than the government valuation. Hence, a 15 to 20% hike in government valuation does not affect the property buyer who has to pay the registration charges as per the market rate mentioned in the sale document, experts said.


Registration revenue crosses Rs 10 cr target

PUNE: There is clear indication that people are buying properties all over the state and a sizeable chunk is in the high-value bracket. The state inspector-general of registrations (IGR) office has recorded Rs 10,367.68 crore revenue collection from the sale of stamp papers and registration of properties in all its divisions till December 27. It surpassed the Rs 10,000-crore target set by the state government for the 2010-11 fiscal. There are eight divisions which include Mumbai, Thane, Pune, Nashik, Amravati, Nagpur, Aurangabad and Latur.


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