Nagpur outskirts properties sees high price appreciation in RR rates
Real Estate

Nagpur outskirts properties sees high price appreciation in RR rates

By ready reckoner rates, an investor buying a flat or property in the Nagpur’s outskirts would have gained as much as 20-50% in about two to three years.

The ready reckoner rates are a benchmark for paying stamp duty or property taxes. According to the ready reckoner, even if a property is sold at a lesser price, stamp duty has to be paid. The ready reckoner rates are also used for calculating capital gains tax. The rates are set based on actual transactions, which reflect the market trend.

The rates of constructed property in Kapsi towards Bhandara Road have been fixed at around Rs 3,098 sq ft for 2022-23. In the last FY, it was at Rs 1,990 sq ft, up by over 40%.

In Shankarpur, also towards Wardha Road, the rates were Rs 2,625 per sq ft, which is now at Rs 3,416 an sq ft, up by 49%.

Builders said that the ready reckoner had fixed the rates based on past trends.

Secretary of Confederation of Real Estate Developers’ Association of India (CREDAI), Nagpur, Gaurav Agrarwala, said the rates are based on the past trend. The future trend in prices depends on some other factors.

He added that the rates should not have been increased as it has a cascading effect on the consumers, and the market is still recovering from the Covid-19 pandemic.

The increase in prime areas has been moderate to marginal. No change has been witnessed in the rates for constructed residential property at Variety Square. The rates have been the same at Rs 9,180 per sq ft. For properties near MLA Hostel, the rates are at Rs 8,352 per sq ft, up by 0.5%. In Somalwada, there has been a hike of 2.5% based on the current rates to Rs 8,513 per sq ft. There has been a marginal increase in Chinchbhuvan of Rs 4,590 per sq ft from Rs 4,500 for the constructed property. The rates vary from one place to another in an area.

Image Source

Also read: Nagpur to appoint PWC for monetisation of Smart City tech components

By ready reckoner rates, an investor buying a flat or property in the Nagpur’s outskirts would have gained as much as 20-50% in about two to three years. The ready reckoner rates are a benchmark for paying stamp duty or property taxes. According to the ready reckoner, even if a property is sold at a lesser price, stamp duty has to be paid. The ready reckoner rates are also used for calculating capital gains tax. The rates are set based on actual transactions, which reflect the market trend. The rates of constructed property in Kapsi towards Bhandara Road have been fixed at around Rs 3,098 sq ft for 2022-23. In the last FY, it was at Rs 1,990 sq ft, up by over 40%. In Shankarpur, also towards Wardha Road, the rates were Rs 2,625 per sq ft, which is now at Rs 3,416 an sq ft, up by 49%. Builders said that the ready reckoner had fixed the rates based on past trends. Secretary of Confederation of Real Estate Developers’ Association of India (CREDAI), Nagpur, Gaurav Agrarwala, said the rates are based on the past trend. The future trend in prices depends on some other factors. He added that the rates should not have been increased as it has a cascading effect on the consumers, and the market is still recovering from the Covid-19 pandemic. The increase in prime areas has been moderate to marginal. No change has been witnessed in the rates for constructed residential property at Variety Square. The rates have been the same at Rs 9,180 per sq ft. For properties near MLA Hostel, the rates are at Rs 8,352 per sq ft, up by 0.5%. In Somalwada, there has been a hike of 2.5% based on the current rates to Rs 8,513 per sq ft. There has been a marginal increase in Chinchbhuvan of Rs 4,590 per sq ft from Rs 4,500 for the constructed property. The rates vary from one place to another in an area. Image Source Also read: Nagpur to appoint PWC for monetisation of Smart City tech components

Next Story
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?