Ready Reckoner Rate (RRR) also known as Circle Rate is the minimum price at which the property has to be registered incase of its transfer. The RRR are determined by the state governments and they keep revising the rates periodically based on the market dynamics.
The ready reckoner rates can differ from city to city within the same state, or from locality to locality within the same city. The prices may vary even within the locality depending on multiple factors like property type(residential, commercial or industrial), location, size of plot etc.
The state governments publish area-wise ready reckoner rates of properties annually. The stamp duty and registration charges are applicable when a property is bought or sold. These charges differ across the states and are as high as 8% to 10%. If the actual price paid by the buyer is lower than the RRR, he/she has to register the property based on the ready reckoner rate.
Please note that the ready reckoner rates are determined by the state authorities considering various factors such as locality, property types, size of the property, etc.
Thus, the land ready reckoner rates have a significant impact on real estate transactions. It ensures parity between reckoner rate and circle rate (circle rate is the minimum rate below which one cannot register the sale of a property). A property buyer gets a fair idea of the price he/she should pay in an area.
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Authors Of The Question
What is Ready Reckoner rate?
Prajakta
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1 Answers
3 Year
2021-03-02T11:36:11+00:00 2021-03-08T13:03:17+00:00Comment
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