To know how to calculate the market value of property, you have to know three things about ready reckon, stamp duty, and registry charge.
What is ready reckoner rate?The minimum rate of the property transaction through the registrar or sub-registrar office of Mumbai declared by the government is called the reckon rate.
How to calculate market value of property in Mumbai by knowing the ready reckoner rate?
Ready reckoner rate of property varies on factors like market value and facilities accessible in the area. It also depends on stilt parking or open parking. If you multiply the area of the parking slot by 25% of the ready reckoner rate area you will get the value of parking slots. For open parking, you need to multiply 40% of the ready reckoner rate of the land in the area.
Ready reckoner of commercial property is higher than residential property.
The ready reckoner rates vary on the flats located in the higher floors
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When a property is transferred, the government issues tax on legal documents which is the proof of the sale or purchase of the property. This is called stamp duty. Generally, the stamp duty of a male is higher than a female.
By calculating the stamp duty, ready reckoner rate, registry charge, and market value you will know property rates in Mumbai 2021.
Hope you know how to calculate the property value.
You can also get an estimate of the property rates in Mumbai 2021 by searching for a similar property on NoBroker.
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Authors Of The Question
How to calculate value of my property in Mumbai?
Anurag
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3 Year
2021-09-13T22:50:27+00:00 2021-09-14T10:48:31+00:00Comment
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