The government was losing crores in stamp duty revenue. Furthermore, there was no systematic way to value a property for loans or inheritance.
: For legal or tax purposes, it is highly recommended to obtain a report from a Registered Valuer ready reckoner 2001-02 mumbai
The year 2001 is particularly significant because it is the base year for determining the of properties acquired before April 1, 2001. For tax purposes, if a property was purchased prior to this date, owners can use the 2001-02 RR rates to estimate its value at that time, which is then used to calculate indexed cost and subsequent capital gains. The government was losing crores in stamp duty revenue
Unlike the current rates available on the IGR Maharashtra portal, 2001-02 data is generally not available in PDF format online. For tax purposes, if a property was purchased
Ready Reckoner (RR) Rate for 2001–02 in Mumbai is a critical historical benchmark used primarily for calculating Long Term Capital Gains (LTCG) on properties purchased before April 1, 2001. The Economic Times Why the 2001–02 Rate Matters
To understand 2001-02, you must understand the 1990s. Mumbai was liberalizing. Money was flowing in from the stock market and underworld hawala channels. Buyers and sellers engaged in "dual agreements": one "black" agreement at government rate, and one "white" agreement for the actual cash.