Economists studying Mumbai’s real estate bubble often use 2001 as a baseline year (pre-boom). The 2001 RR rate shows the value of a sq. ft. before the IT/REIT boom of 2005-2010. For example, a 500 sq. ft flat in Bandra (West) in 2001 might have had an RR of ~₹2,000/sq. ft. Today, it is over ₹50,000/sq. ft.
The Maharashtra State Archives at Elphinstone College, Fort, Mumbai, holds hard copies of all government gazettes and revenue notifications. Ready Reckoner Rate Mumbai 2001 Pdf
Before diving into the 2001 specifics, let’s clarify the basics. The Ready Reckoner (RR) rate, also known as the Circle Rate or Guidance Value, is the minimum price at which a property must be registered. It is set by the Maharashtra State Government’s Department of Registration and Stamps. Economists studying Mumbai’s real estate bubble often use
These rates are revised annually (usually on January 1st) to reflect market trends. They serve as the benchmark for calculating Stamp Duty and Registration Charges. The Maharashtra State Archives at Elphinstone College, Fort,