Revision in ready reckoner rates is an annual exercise and hence for property market of Nagpur, the marginal increase is unlikely to have any major impact. A deeper analysis would reveal that for urban area of city, the upward movement of 4.23 per cent is well below the inflation rate, averred Gaurav Agarwala, President, CREDAI, Nagpur Chapter. At end of financial year, Inspector General of Stamps and Registration notified new ready reckoner rates. A trend visible in Maharashtra indicates the horizontal expansion, indicative of rapid urbanisation pace in growth centres. While Nagpur is already seeing booming property in the outskirts, now Amravati, Chandrapur and Akola too have joined the league. Asked would the rise in stamp duty and the already applicable GST deter the buyers, Agarwala was of view that nothing is going to change.

 

The ongoing boom is going to continue as a hype of sort is created whenever there is increase in ready reckoner rates. Ultimately, the rates notified by IGS&R are reflective of property transactions in that particular circle. Further, the hike would kick in when the properties are registered at the market rate, as the practice is to adjust the sale deed price as per personal choice of buyers. This is convenient for both the property developers as well as buyers.

 

As to impact on land deals, Agarwala cited example of current land rates in Beltarodi and new rates, and the difference he pointed out is very marginal. It used to Rs 1,100 and now increased a bit but in market, the price is beyond Rs 3,300. This shows that property rates have moved beyond ready reckoner rates and it no longer dictates terms to market which works as per its own dynamics. Within city also, the marginal increase is also due to fact that rates are already on higher side and even slight upward revision increased the transaction value. Compared to urban areas, the revision in ready reckoner rates in NMRDA region for Nagpur district is indicative of the current boom happening in area surrounding the city. The growing preference of people to live away from city centres is reflective of growing tendency in developed cities that gives rise to suburbs.

 

Go around the city and one can witness the rise in property as high rises and townships spread over acres and new spaces can be seen coming-up left right and centre adjoining the city. Another trend that is reflected after studying the RR notification is high rates alongside highways and expressway as these are going to be new growth centres in the future. The agriculture land along side the New Ring Road has already changed many hands as developers are latching on to these land in anticipation of future urbanisation. Already, the current pace of urbanisation in Maharashtra is one of the highest, and a paper published by member of Institute of Town Planners in 2010 pegged it at 42 per cent in State compared to national average that time of 25.7 per cent. A prime reason for this aggravated urbanisation phenomenon is low returns from farming and hence the option of selling the same to developers has gained trend here.

 

Similarly, urban population in district also was also saw rapid growth since 1951 to 2011 from 46.94 per cent to 68.31 per cent respectively. And this explains the current property buying spread on the outskirts. Within city also, the redevelopment of old properties and open plots seems to have gained currency. Old bungalows with huge space are being lapped up by property developers to build skyscrappers that now dot most of the developed area of city. In fact post revision of ready reckoner rates, Amravati city now ranks third in State. The increase here notified for 2025-26 is 8.03 per cent. The ground condition in Amravati is somewhat similar to one being witnessed in Nagpur. There too, the adjoining area of city are seeing fast urbanisation. Similarly phenomenon is also being witnessed in Chandrapur where MHADA land area, adjoining the city, has seen rapid rise.