1. Home
  2. Real Estate
  3. Nagpur outskirts properties sees high price appreciation in RR rates
Nagpur outskirts properties sees high price appreciation in RR rates
Real Estate

Nagpur outskirts properties sees high price appreciation in RR rates

04 Apr 2022 2 Min Read 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.

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
15 Nov 2024

PM Modi, Russian Deputy PM discuss strengthening trade, energy ties

Prime Minister Narendra Modi met with Russia’s First Deputy Prime Minister Denis Manturov to discuss ways to enhance bilateral cooperation, particularly in the areas of trade, energy, and connectivity. The meeting focused on strengthening the special and privileged strategic partnership between India and Russia, with both sides reaffirming their commitment to advancing mutual interests.PM Modi welcomed the ongoing efforts to implement agreements made during his recent meetings with Russian President Vladimir Putin. Both leaders emphasized the importance of continued collaboration to realize ..

Read More
Next Story
Technology
15 Nov 2024

L&T Technology Services acquires US-based Intelliswift for $110 mn

L&T Technology Services (LTTS) has announced the acquisition of Silicon Valley-based Intelliswift for $110 million. The move aims to strengthen LTTS’ offerings in software product development, platform engineering, and digital integration, particularly in data and artificial intelligence (AI). Intelliswift serves high-profile clients across sectors like retail, fintech, and technology, including four of the top five hyperscalers and more than 25 Fortune 500 companies.With this acquisition, LTTS expands its client base and enhances its expertise in the fast-growing digital services market..

Read More
Next Story
Infrastructure Urban
15 Nov 2024

Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

Welspun Mauritius Holdings (WMHL), a subsidiary of Welspun Corp, has divested a 5% equity stake in East Pipes Integrated Company for Industry (EPIC) for 218.9 million Saudi Riyals (approximately Rs 480 crore). EPIC, based in Saudi Arabia, is a listed associate of Welspun Corp.The stake sale, which was executed in a series of negotiated trades on the Tadawul Stock Exchange, reduces WMHL’s stake in EPIC from 31.5% to 26.5%, though it remains the largest shareholder. The proceeds from the sale will be reinvested into Welspun's new subsidiary, Welspun Pipes Company, KSA, which is set to finance ..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

PM Modi, Russian Deputy PM discuss strengthening trade, energy ties
ECONOMY & POLICY
15 Nov 2024

PM Modi, Russian Deputy PM discuss strengthening trade, energy ties

L&T Technology Services acquires US-based Intelliswift for $110 mn
Technology
15 Nov 2024

L&T Technology Services acquires US-based Intelliswift for $110 mn

Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr
ECONOMY & POLICY
15 Nov 2024

Welspun Corp arm sells 5% stake in associate entity for about Rs 480 cr

Vedanta plans to invest around $550 million in AvanStrate
ECONOMY & POLICY
15 Nov 2024

Vedanta plans to invest around $550 million in AvanStrate

SBI to sell 100 billion-rupee infra bonds by end of November
ECONOMY & POLICY
15 Nov 2024

SBI to sell 100 billion-rupee infra bonds by end of November

Central govt approves fire services projects worth Rs 725 cr for 3 states
ECONOMY & POLICY
15 Nov 2024

Central govt approves fire services projects worth Rs 725 cr for 3 states

JCB inaugurates new dealer branch in Hosur, Krishnagiri
Equipment
15 Nov 2024

JCB inaugurates new dealer branch in Hosur, Krishnagiri

BPE opens new office and marketing experience centre in Noida
POWER & RENEWABLE ENERGY
15 Nov 2024

BPE opens new office and marketing experience centre in Noida

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000