Shivaji Nagar, also known as Bhamburde, is a well-planned residential neighbourhood in the northern outskirts of Pune. Situated on the west bank of the Mutha river, the locality is surrounded by other areas, such as Aundh, Bhosalenagar, Navipeth, and Erandwane. The neighbourhood has robust social infrastructure and good connectivity to other parts of the city.
See also: Stamp duty, registration fee in Pune in 2023
What are ready reckoner rates?
Ready reckoner rates, also known as ready reckoner rates, refer to the minimum value at which any property can be registered during its sale or transfer. In Pune, the ready reckoner rates are fixed by the Maharashtra government’s revenue department. The government periodically revises the rates.
Ready reckoner rates are classified into three categories:
- Urban Area: This falls under the jurisdiction of the municipal corporation, municipal council, nagar panchayat, and cantonment board area.
- Influence Area: This area falls in the municipal corporation, municipal council, nagar panchayat, and cantonment board area and is a growth centre due to significant development chances.
- Rural Area: The areas excluding urban area and influence areas come under this category.
How to calculate ready reckoner rates?
Ready reckoner rates are calculated based on factors, such as:
- Property type, whether the property is residential, commercial, agricultural or, a plot
- Property age
- Property’s location
- Utility
- Facilities
- Registrar value
Property values are calculated based on the formula:
Property value = Ready reckoner rate per square metre X built-up area (in sqm)
Ready reckoner rates in Pune
| Property type | Current ready reckoner rate (in Rs per sqm) |
| Apartments and flats | Rs 8,010 – Rs 1,47,730 |
| Residential land | Rs 1,330 – Rs 91,960 |
| Office space | Rs 36,980 – Rs 1,98,350 |
| Shops | Rs 41,530 – Rs 1,111,600 |
Ready reckoner rates in Bhamburde, Shivaji Nagar, Pune
- Cultivated farmland: Rs 3,057,000 – Rs 1,740,500
- Uncultivated land: Rs 2,290
- Highway lands: Rs 2,290
- Industrial cultivated lands: Rs 2,370
Source: igrmaharashtra.gov.in
Shivaji Nagar, Pune: Connectivity and infrastructure
Shivaji Nagar has a well-developed infrastructure and well-planned roads and public spaces. It enjoys good connectivity to other parts of the city through public transport systems, such as auto, taxis and metro station. The Pune-Mumbai Expressway, connecting Pune and Mumbai, goes through Shivaji Nagar. The Pune Railway Station is four kilometre from the locality. The area has social infrastructural facilities, such as shopping malls, healthcare centres and many educational institutions.
Shivaji Nagar, Pune: Residential real estate
Shivaji Nagar is a thriving residential neighbourhood in the heart of Pune city. Owing to the presence of social amenities and educational institutions and employment hubs in the vicinity, the area witnesses significant demand in residential properties. There are several residential options for homebuyers, mainly apartments in 2BHK, 3BHK, and 4BHK configurations.
Shivaji Nagar, Pune: Commercial real estate
Shivaji Nagar is also a preferred destination for investors looking for commercial properties. The region is known for its commercial centres and tech parks, such as Platinum Tech Park. Other prominent employment hubs in the vicinity include BNY Mellon Innovation Centre, ICC Devi Gaurav Technology Park, and EON IT Park.
Shivaji Nagar, Pune: Price trends
There are several residential properties in Shivaji Nagar available for buying and renting. The average price of apartments in the locality is Rs 15,383 per square foot (sqft), while the average rent is Rs 50,384 per sqft.
FAQs
How do you calculate property value based on ready reckoner rate?
Property value is calculated by multiplying the ready reckoner rate in the area with the property’s built-up area in sqm.
How can I check the property ready reckoner rate in Maharashtra?
One can visit the official website of the Inspector General of Registration (IGR) of Maharashtra to check the ready reckoner rates in their specific locality.
What if the market value is less than the ready reckoner rate?
If the market value is less than the ready reckoner rate, the property must be registered based on the higher value, which is the ready reckoner rate.
What is stamp duty value?
Stamp duty is calculated by considering various factors, including market value, transaction value, or ready reckoner (circle rates) rates set by the local government.
What are the registration charges for flats in Maharashtra?
Property registration charges in Maharashtra are 1% of the property cost.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
