|
Registration authorities in the state finally appear to have taken cognizance of the damp real estate market in Mumbai and are taking steps to modify the Ready Reckoner - a document which records property prices. Stamp duty offices in Mumbai and Pune go by the document while fixing stamp duty rates.
The Ready Reckoner records prices areawise leading to every property in a particular area attracting the same stamp duty and other charges. Individual amenities and facilities provided by developers in their properties are not considered in the document. This does not make builders and developers too happy since a slum colony and their buildings attract the same price because they are in the same area.
Developers, brokers, lawyers and buyers have for long been trying to get Registration offices to have a re-look at the Ready Reckoner. The Director General of Registration, Pune has now invited suggestions from land and flat owners to compose a new Ready Reckoner. Consultants and builders have also been asked to give their suggestion. The property community is delighted. In the past, structures in particular areas of the city had a homogenity featurewise, constructionwise, amenitywise and ratewise.
Some examples are the chawls of Dadar and Parel, the cottages of Bandra, the art deco buildings of Marine Drive, the antiquated buildings of Dhobi Talao and later the high rises of Nariman Point and Cuff Parade.
The scenario is different today. There are high rises in areas like Parel and Dadar, bungalows in Worli and extended suburbs. With such a motley group in a particular area, a uniform price structure is just not practical. The issue of market value became pronounced when registration authorities announced amnesty schemes for stamp duty defaulters some months ago. People found their properties overpriced by the Ready Reckoner.
Ideally the Ready Reckoner needs to be a document reflecting the reality of the property market. Those who want to give in their suggestions can call the registration office on 2650284. The Ready Reckoner, a document which records property prices by which stamp duty was levied, gave the same price to all properties (including chawls and skyscrapers) in an area. Suggestions have been invited by registration autorities to modify it | 
