A bustling industrial and residential place, Pimpri Chinchwad (PCMC) is a few kilometres northwest of Pune in Maharashtra. It is a city offering a blend of suburban tranquillity and urban opportunities. Due to its favourable positioning near Pune, Pune International Airport and major highways, the area is easily linked to the other parts of the region.
In recent years, Pimpri Chinchwad has seen a growth in the real estate market, where convenient location, increased demand for cheap houses and improved road junctions are the driving factors. Investors and home buyers have preferred this area as it is close to employment hubs but relatively cheaper than Pune city. In the coming years, the real estate market of Pimpri Chinchwad will flourish thanks to more urbanisation and economic growth. Crucial information on Pimpri and Pune’s ready reckoner rates has been highlighted in this article.
See also: Circle rates in Shivaji Nagar, Pune
What are ready reckoner rates?
Ready reckoned rates, however, act as standards for under-valued properties that are being sold or transferred. These rates help to value the property adequately and appropriately. These are necessary since, in case of a declared transaction value lower than the ready reckoner rate, the authorities can use taxes or fines to cover the additional cost. Real estate professionals should know the latest ready reckoner rates in Pimpri, Mumbai. The process allows people to buy or sell homes in a dynamic, ever-changing community, observe the laws and make good decisions.
Ready reckoner rates in Pimpri Pune
Ready reckoner rates in Pimpri Pune vary according to the kind of property, such as homes, flats and plots, with lower rates applied to residential properties and higher rates used for commercial enterprises per square metre. According to the most recent information provided by the Maharashtra government, the ready reckoner rate in Pimpri Pune for various property kinds is now as follows:
| Name | Cost of flats/apartments per square metre | Cost of residential land per square metre | Cost of office space per square metre | Cost of shops per square metre |
| Pimpri | Rs.41,260 – Rs.67,460 | Rs.8,230 – Rs.37,460 | Rs.45,100 – Rs.73,460 | Rs. 57,860 – Rs. 144,640 |
How to find ready reckoner rates in Pimpri Pune?
There are two ways to obtain the ready reckoner rates in Pune: online and offline. The sub-registrar’s office can be visited for offline retrieval and the procedures listed below can be used to gain online access:
- Find the online service section by visiting the Department of Registration & Stamps Maharashtra website.
- Choose the e-ASR form on the homepage under the Online Services section. Examine the sub-options, such as process, or consult the section on user guides to learn how to utilise the process once it’s operational.
- The state of Maharashtra will be shown on a separate page. Select Pimpri, the Pune city option.
- After choosing the city option, you may examine the ready reckoner rate for your region by entering the name of the village and taluka.
Real estate trends in Pimpri Pune
The city of Pimpri in Pune has emerged as the most coveted spot within the region, which offers homes and shops along with the superb accessibility of resources and essential services. Moreover, ongoing thriving real estate projects have made it an ideal residential destination.
Pimpri Pune: Location and connectivity
Pimpri is an expanding neighbourhood with a growing property sector within the lively town of Pune. Pimpri is located on the west side of Pune and its ideal location has appealed to both home buyers and commercial investors. Residential accommodations, including modern flats and huge villas, are available in this zone.
The transport system at Pimpri is very advanced, with good road networks alongside excellent public means such as bus service and commuter trains linking it to different urban centres worldwide. It is also located near Pune’s international airport, making it convenient for travellers who travel there often.
Pimpri Pune: Residential properties
Pimpri is rapidly growing with new residential complexes and gated communities with varied homes, including tiny flats and palatial villas. Such residences have been designed to meet contemporary requirements, incorporating manicured parks, gyms and playgrounds that connect communities. The increased infrastructure development that is going on in the vicinity of this place has made it suitable for families as well as young professionals who are looking for comfort and ease of commuting within the city.
Pimpri Pune: Commercial properties
Pimpri, Pune commercial landscape is changing very fast. The emergence of IT parks, business centres and corporate hubs in this area has opened the market for job opportunities and entrepreneurship. Commercial spaces have been developed with the latest communication facilities, encouraging numerous business outfits and spurring economic development. The commercial picture is also supplemented by retail centres, shopping malls and entertainment areas, providing the needs of local dwellers and tourists.
Factors affecting property prices in Pimpri Pune
To make an informed decision when buying a house or investing, one must carefully evaluate the various elements influencing Pimpri Pune’s real estate pricing. The essential components consist of:
- Location: Property values are heavily influenced by Pimpri, Pune’s advantageous northwest location. Its quick access to the Pune-Mumbai Expressway and proximity to essential areas such as Wakad, Hinjewadi and Chinchwad increase its appeal.
- Infrastructure development: The substantial infrastructural expansion significantly impacts property prices in Pimpri, Pune. Upcoming developments related to public transportation, road networks and community facilities improve the area’s livability, positively correlated with rising property prices. Modern infrastructure development increases convenience and appeal to prospective purchasers, increasing costs.
- Demand and supply: In Pimpri, property values are determined based on the supply and demand dynamics. Rising property rates result from the region’s growing demand for residential and commercial spaces and the scarcity of suitable land for development.
- Future development plans: Proposed commercial projects and metro rail expansions favourably influence property prices.
- Economic Factors: Real estate prices in Pimpri, Pune, are heavily influenced by factors such as overall financial health, employment prospects and economic stability. The existence of businesses, IT parks and industries nearby influences property prices. A strong economy frequently results in more purchasing power, which impacts local real estate values.
Why invest in Pimpri?
There are numerous reasons why investors should look into investing in Pimpri. Some of the crucial factors are as follows.
Excellent location with easy access
The location is one of the factors that makes Pimpri such an appealing proposition for commercial development. The area is conveniently located near important industrial sectors and IT zones in Pune.
Expansion of residential settlement
Pimpri was once renowned for primarily housing commercial and industrial enterprises. That has lately altered, with densely populated residential towns across the region.
Rate of appreciation
The value of real estate in Pune has steadily increased, and Pimpri is no exception. In recent years, the region’s worth has only increased. This rise in value may be seen in the prices charged for selling and renting property.
Infrastructure for socialisation
Pimpri and the surrounding area have remarkable social infrastructure. Massive retail and entertainment centres may be found. There are also high-end restaurants and clubs where one may unwind after a long day at work.
FAQs
How will I find out ready reckoner rates in Pune?
The following factors determine the ready reckoner rates in Pune: Location, type of property, facilities availability, age of the property, etc.
How do you find the rate of a property?
To determine a property's market worth, compare its size, features, and location to other properties. Next, figure out the charges per square foot (sqft). For example, 80,00,000 / 2000 = Rs 4000 per sqft.
What is ready reckoned rate?
The government determines the ready reckoner rate or circle rate, which is the value, based on the region where the property is located and its current market worth. The agreement rate, on the other hand, is the price at which the transaction occurs following the conclusion of a contract between the buyer and seller.
What is the difference between the ready reckoner rate and the market rate?
The minimum rate for a property is the ready reckoner rate determined by the State government. On the other hand, the seller sets the market pricing. In general, the circular rate is less than the market rate. The market rate of a property reveals how much the value of real estate has increased in a specific location.
What if the market value is less than the ready reckoner rate?
The Income Tax Act's Section 56(2)(x) states that if a property is sold for less than the ready reckoner rate, the sale price is considered the ready reckoner rate. After that, capital gains tax is applied as though the asset's sale price had been the circular rate.
Can agricultural land be purchased for less than the ready reckoner rate?
Only capital assets acquired below the circular rate are subject to taxation, including agricultural property, inside designated boundaries. If there is a discrepancy of more than Rs 50,000 in the case of a capital asset, the buyer's income will be considered.
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