‘Property value shot up in far-off suburbs in 2013’

THE state government's new ready reckoner rates show that three out of four development pockets in Mumbai, where property rates shot up the most during 2013, were in far-off suburbs of Mumbai.

The state government hiked ready reckoner (RR) rates for properties across Maharashtra on Tuesday, which became applicable from January 1 onwards.

Though the average hike across 737 development pockets (value zones) in Mumbai was just over 13 per cent, there were 26 pockets where RR rates were hiked by over 20 per cent. About 73 per cent of these were situated in far-off suburbs.

The RR rates are market values for properties fixed annually by the government, based on which the stamps and registration department collects stamp duty from property purchasers. These are revised at the start of the year.

Inspector General of Registration and Controller of Stamps S Chokalingam said, "The increase in RR rates reflect the existing market trend. The rates are arrived at on the basis of property values shown in registered property documents, newspaper reports on high-valued sales, bookings during property fairs and through online sites."

The Jogeshwari-Dahisar belt had 10 pockets where RR rates rose over 20 per cent, whereas the corresponding number for the eastern suburban area stretching from Kurla to Mulund was nine. In contrast, the tony island city had only four such belts, whereas the developed Bandra-Andheri belt in Western suburb had another three.

A senior official, on condition of anonymity, said, "The data indicates the movement of people within the city in the search for affordable homes. It also shows that property transactions in far-off suburban belts outnumbered those in uptown South and Central Mumbai."

The highest hike was 30 per cent over last year.

In 2012 and 2013, there were 135 and 136 pockets in Mumbai, where the increase in RR was above 20 per cent. Then, the island city had accounted for 37 and 23 of these respectively.

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