Nagpur outskirts properties sees high price appreciation in RR rates

04 Apr 2022 CW Team

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.

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

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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

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