Ready Reckoner Rate in Majiwada Thane: What You Need to Know

If you are planning to buy or sell a property in Majiwada Thane, one of the most important factors that you need to consider is the ready reckoner rate. The ready reckoner rate, also known as the circle rate or the guidance value, is the minimum rate at which a property can be registered in a particular area. The ready reckoner rate is determined by the government and is revised periodically based on various factors such as location, amenities, infrastructure, demand and supply, etc.

The ready reckoner rate is important for both buyers and sellers, as it affects the stamp duty and registration charges that they have to pay for the property transaction. Stamp duty is a tax levied by the state government on the transfer of property, while registration is a legal process of recording the ownership of the property. The stamp duty and registration charges are calculated as a percentage of the higher of the ready reckoner rate or the actual transaction value of the property.

According to the latest data, the ready reckoner rates in Thane have increased by an average of 8.8 percent from March 31, 2022¹. This increase has directly impacted the property prices in the city, as well as the stamp duty and registration charges. The current stamp duty rate in Maharashtra is 5 percent, while the registration fee is 1 percent of the property value.

Majiwada is a rapidly developing suburb located in the Thane district of Maharashtra, India. With its strategic location and excellent connectivity, Majiwada has emerged as a popular residential and commercial destination. The suburb offers a wide range of housing options, including apartments and independent houses, catering to the diverse needs of homebuyers. The average property prices in Majiwada Thane start from Rs 18,150 per sq. ft.

The ready reckoner rates in Majiwada Thane vary depending on the type and size of the property, as well as the amenities and facilities available in the vicinity. The ready reckoner rates are updated and revised upto 31/03/2021. Some of the popular residential projects in Majiwada Thane are Lodha Amara, Rustomjee Azziano, and KalpataruImmensa. The ready reckoner rates for these projects are as follows:

- Lodha Amara: The ready reckoner rate for a 1 BHK apartment with an area of 454 sq. ft is Rs 18,150 per sq. ft. The ready reckoner rate for a 2 BHK apartment with an area of 882 sq. ft is also Rs 18,150 per sq. ft. The same rate applies for a 3 BHK apartment with an area of 1,368 sq. ft.

To calculate the stamp duty and registration charges for a property in Majiwada Thane, you can use the following formula:

Stamp duty = 5% of (higher of ready reckoner rate or actual transaction value)

Registration fee = 1% of (higher of ready reckoner rate or actual transaction value)

For example, if you want to buy a 2 BHK apartment in Lodha Amara with an area of 882 sq. ft and an actual transaction value of Rs 1.6 crore, the stamp duty and registration charges will be:

Stamp duty = 5% of (higher of 18,150 x 882 or 1,60,00,000) = 5% of 1,60,00,000 = Rs 8,00,000

Registration fee = 1% of (higher of 18,150 x 882 or 1,60,00,000) = 1% of 1,60,00,000 = Rs 1,60,000

Total charges = Rs 8,00,000 + Rs 1,60,000 = Rs 9,60,000

Therefore, the total cost of buying the property will be Rs 1.6 crore + Rs 9.6 lakh = Rs 1.69 crore.

The ready reckoner rate in Majiwada Thane is an important indicator of the property market trends and the government’s valuation of the area. It is advisable for buyers and sellers to be aware of the latest ready reckoner rates and the stamp duty and registration charges before entering into any property transaction. This will help them to avoid any legal hassles and to negotiate the best deal for their property.