Under the Income Tax Act, when you sell a capital asset (like property), you pay tax on the "Capital Gains." To adjust for inflation, the government allows "Indexation." You multiply the cost of the property by the Cost Inflation Index (CII) of the sale year and divide by the CII of the purchase year.
Introduction: Why a Two-Decade-Old Rate Book Still Matters In the fast-paced world of Mumbai real estate, where prices fluctuate by the minute and redevelopment is king, digging up a document from the 2001-02 fiscal year might seem like an exercise in archaeology. However, for a specific group of stakeholders—legal heirs embroiled in inheritance disputes, advocates handling capital gains cases, chartered accountants filing old tax returns, and historians of the city’s economy—the Ready Reckoner 2001-02 Mumbai is an indispensable tool. ready reckoner 2001-02 mumbai
Published annually by the Maharashtra Stamp Duty and Property Valuation department (under the Inspector General of Registration and Controller of Stamps), the Ready Reckoner (also known as the "Annual Statement of Rates" or ASR) fixes the minimum value of properties in each ward and lane of the city. While the 2025 rates reflect a sky-high Mumbai, the 2001-02 rates reflect a post-millennium, pre-real estate boom Mumbai. This article serves as a comprehensive guide to understanding, accessing, and applying the 2001-02 Ready Reckoner rates. Before we look at the numbers, it is critical to understand why the 2001-02 rates are significantly lower (often 8-10 times lower) than today’s rates. Under the Income Tax Act, when you sell
| Ward | Locality (Type) | 2001-02 Rate (₹/sq ft) | 2025 Approx Rate (₹/sq ft) | Multiplier | | :--- | :--- | :--- | :--- | :--- | | A | Nariman Point (Comm) | 35,000 | 65,000 | 1.85x | | D | Tardeo (Res) | 4,500 | 35,000 | 7.7x | | H | Bandra West (Res) | 3,200 | 45,000 | 14x | | K | Andheri East (Res) | 1,800 | 18,000 | 10x | | P | Malad West (Res) | 1,300 | 15,000 | 11.5x | | S | Mulund (Res) | 1,200 | 14,500 | 12x | Published annually by the Maharashtra Stamp Duty and
Finding this document requires persistence—scouring CA libraries, filing RTIs, or requesting old backups from valuation officers. But if you are dealing with a property that was "held" as of April 1, 2001, the tax savings achieved by correctly applying this ready reckoner can run into crores of rupees.
However, there is a catch. , the taxpayer has a one-time option to use the Fair Market Value (FMV) as of April 1, 2001, as the cost of acquisition. How the 2001-02 Ready Reckoner Helps: If you inherited a property in Mumbai purchased in 1985, you cannot use the 1985 price because it’s too low and arbitrary. Instead, you can take the Ready Reckoner rate of 2001-02 as the deemed cost.