Mumbai realty prices up 35%

The office of inspector general for stamp duty and registration has completed the revision of the ready reckoner for property prices in Mumbai and elsewhere in the state.

As per the revisions, property prices in the city and other places in the state have increased by 5 per cent to 35 per cent.

However, the details of the exact increase in the prices are not known as the file is currently on the revenue secretary's table for his approval. It will go to revenue minister for the final approval, according to sources close to the development.

According to sources, prices of commercial properties in traditional business district of south Mumbai have remained more or less same or witnessed marginal increase.

But they have substantially increased in now what is called alternative business districts of Worli, Lower Parel, Shivri, Bandra-Kurla Complex, etc.

However, residential property prices in south Mumbai continue to soar.

There is an increase of almost 35 per cent in areas like Colaba, Malbar Hill, Nariman Point, etc.

It also reliably learnt that mill land properties have been segregated for stamp duty purposes from the rest of properties in Dadar, Lower Parel, Shivri and adjoining areas as mill lands or residential or commercial properties which have come up thereon command much higher prices than other old properties in the same locality.

Besides this, the government is also contemplating amending rules and charge stamp duty on carpet area instead of the built up area as has been the practice to make stamp duty policy consistent with the recently announced housing policy.

In the new housing policy announced recently, the government made it mandatory for builders to sell residential properties on the basis of carpet area so that consumers know exactly what and how much they are paying.