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What are Ready Reckoner rates for real estate?

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What are Ready Reckoner rates for real estate?
Ready Reckoner (RR) rates are the rates on the basis of which stamp duty is collected from property purchasers (both commercial and residential property) by the Stamps and Registration Dept. The rates determined on an annual basis by the State Government differ from locality to locality in a particular city. On acknowledging the need for revision of RR rates, government revises it. Note: The rate applies only to property purchase and not on rentals.
 

The stamp duty linked to the Ready Reckoner rates is to be paid at a higher price than the determined ready reckoner price or actual property price and not below it. Further, the RR rates are announced relative to the built-up area. So in the case when ready reckoner price for a particular locality is quoted by the state government as 4000 per square feet and the cost of the property is determined to be 50 lakhs than a property buyer has to pay stamp duty on a value higher than the above price.

To make the system more transparent, different State governments are now providing the Ready Reckoner prices or rates on different platforms such as the Designated website of Registration and Stamp duty dept of each of the state, newspapers etc. The rates can also be obtained from office of the sub-registrar where the property in transaction has to be registered. An RTI application for the purpose can also be used to know the prevailing Ready Reckoner rates in an area in a city.

Ready Reckoner rates determined by the government is the fair price or value of the property. And, property developers charge price for a particular property in a particular area in the city at a premium to these rates by factoring in market forces as well as other factors. So, accordingly at any given point in time, higher benchmark ready reckoner rates push property prices higher.

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