The government has increased the official land valuation, known as the ready reckoner rate, across Nashik, with the highest hikes observed in Mahatmanagar, Adgaon, Canada Corner, Satpur, and Gole Colony-Ashok Stambh (TP-1). Other affected areas include Govindnagar and Motiwala College, where the rates have surged significantly. In most parts of the city, the increase ranges between 5% and 9.5%.
Real estate experts, including the National Real Estate Development Council (NAREDCO), predict that this hike will result in a 3% to 4% rise in overall housing prices. CREDAI Nashik Metro has also echoed similar expectations.
Average Increase in Land Valuation
The state government has raised the ready reckoner rate by 7.31% for Nashik city and 4.88% for Malegaon city.
Following the COVID-19 pandemic, the government had paused the annual market value hike, considering the financial strain on citizens. However, in the current fiscal year, the valuation has been revised upward, prompting a detailed study by real estate professionals to assess its impact on various areas.
Area-Wise Ready Reckoner Rate Increase
Satpur, DP-1, Canada Corner, Adgaon, Mahatmanagar – 10%
Govindnagar – 9.28%
Motiwala College Complex – 9.2%
Ambad – 8.5%
Makhamalabad – 8.1%
Mhasrul – 7.71%
Jail Road – 6.4%
Hirawadi, Tarwala Nagar – 6%
Gangapur Road – 5%
Pathardi – 5.4%
Kamatwada – 4.48%
Impact on Housing Prices
According to NAREDCO Nashik branch president Sunil Gawande, the highest increase has been recorded in Mahatmanagar, Adgaon, Satpur, and DP-A (Gole Colony, Ashok Stambh). Other areas like Govindnagar and Motiwala College have also seen a considerable rise.
CREDAI Nashik Metro president Krunal Patil explained that ready reckoner rates are influenced by four key factors: construction development charges, Transfer of Development Rights (TDR), stamp duty, and income tax. As a result, property prices are expected to rise in response to these increases.
With the new rates in effect, homebuyers and investors will need to account for the higher costs when making real estate transactions in Nashik.