Because of this sluggish market, the rates were notoriously low compared to the physical construction cost. In many suburbs, the government's valuation was almost 30-40% lower than the prevailing market rate (a stark contrast to today, where the Ready Reckoner often matches or exceeds market rates).
One might ask, why look at a two-decade-old document? The Ready Reckoner 2001-02 Mumbai remains relevant for three primary reasons: ready reckoner 2001-02 mumbai
How is this Fair Market Value determined? In almost all legal and tax assessments, the is accepted as the proxy for the Fair Market Value. Using the 2001-02 reckoner allows sellers to "step up" the cost of their property, significantly reducing their taxable capital gains. Without this document, calculating tax on a property bought in, say, 1985, would be nearly impossible or financially disadvantageous. Because of this sluggish market, the rates were
: For indexation purposes, the CII for the financial year 2001-02 is set at 100 . Key Components of the 2001-02 Reckoner Cost Inflation Index for FY 2025-26 - ClearTax The Ready Reckoner 2001-02 Mumbai remains relevant for