Ready Reckoner Rates Impact on Real Estate Sector

Ready Reckoner Rates Impact on Real Estate Sector

By Accommodation Times News Service

By Arvind Jain, Managing Director – Pride Group

Ready reckoner rates and their revisions are a reflection of the government’s assessment of the property market. In most of the states, the ready reckoner rates have historically been lower than the market rates, and not seen annual revision. This rendered them unrealistic, and not a reliable indication of the exact market realities. In the last 10-12 years however, there has been a provocative movement in prices, and this has also reflected in the reckoner rates.

If we take 2009 as a notable exception, the ready reckoner valuations have been positive. However, on several occasions the government had revised the rates by a higher percentage than the market warranted, as the government ventured out to match the ready reckoner values to actual market rates.

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