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By:

Bhalchandra Chorghade

11 August 2025 at 1:54:18 pm

Micro-Zoning, RR proposal: A reform opportunity

Mumbai: The government’s proposed introduction of micro-zoning and differentiated Ready Reckoner (RR) rates marks a significant shift in the way property valuations are determined across the state. The initiative, which seeks to assign distinct RR rates to high-rise buildings, slums, chawls and redeveloped properties within the same locality, has largely been welcomed by the real estate sector. Industry stakeholders, however, caution that the reform’s effectiveness will depend less on its...

Micro-Zoning, RR proposal: A reform opportunity

Mumbai: The government’s proposed introduction of micro-zoning and differentiated Ready Reckoner (RR) rates marks a significant shift in the way property valuations are determined across the state. The initiative, which seeks to assign distinct RR rates to high-rise buildings, slums, chawls and redeveloped properties within the same locality, has largely been welcomed by the real estate sector. Industry stakeholders, however, caution that the reform’s effectiveness will depend less on its intent and more on the framework governing its implementation. The proposal comes at a time when property markets in major urban centres, particularly Mumbai Metropolitan Region (MMR), are witnessing increasingly diverse development patterns within the same neighbourhoods. Experts argue that uniform RR rates often fail to capture the substantial variations in infrastructure quality, redevelopment status, accessibility and market demand that exist even within small geographical pockets. Real estate professionals believe that a micro-zoning approach could help bridge the gap between official property valuations and actual market realities. More accurate valuation mechanisms can improve transparency in transactions, provide a fairer basis for stamp duty calculations and create a more nuanced framework for urban planning. Experts’ Comments Kamlesh Thakur, President, NAREDCO Maharashtra and Co-Founder & Managing Director, Srishti Group, believes the concept has merit but warns that the execution framework will determine whether the reform succeeds or creates fresh challenges. “The concept of micro-zoning and differentiated Ready Reckoner rates has the potential to make property valuation more reflective of local market realities and development potential. However, its success will depend entirely on the framework adopted for implementation. Unless there is a clear, transparent and objective policy with well-defined parameters, the introduction of micro-zoning could lead to increased discretion at the administrative level, resulting in uncertainty and inconsistent outcomes,” he said. According to Thakur, valuation systems that allow excessive room for subjective interpretation can generate disputes, create inconsistencies in assessments and undermine business confidence. His concerns reflect a broader industry apprehension that redevelopment projects—already burdened by lengthy approval processes and rising costs—could face additional uncertainty if valuation criteria vary across administrative jurisdictions. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, views the proposal as a logical evolution of property valuation practices, particularly in rapidly transforming urban markets. “The move towards differentiated Ready Reckoner rates through micro-zoning is a progressive step, as property values can vary significantly within the same locality depending on factors such as infrastructure, accessibility, building quality and surrounding development. If implemented effectively, it has the potential to make property valuations more realistic and aligned with actual market dynamics,” he said. Transparency, Methodology At the same time, Agarwal emphasized that transparency and data quality will be critical to ensuring credibility. “However, the success of this initiative will depend on the transparency of the methodology, the quality of data used, and the consistency of its application across micro-markets. Buyers, investors, and developers value clarity and predictability in valuation mechanisms. A well-defined and publicly accessible framework will be essential to avoid ambiguity, strengthen market confidence, and ensure that the new system delivers greater accuracy without creating uncertainty in transaction pricing or investment decisions,” he noted. Uniformly Implemented Echoing similar concerns, Dhruman Shah, Promoter, Ariha Group, said the government must ensure that the system remains easy to understand and uniformly implemented. “The move towards micro-zoning reflects an effort to modernize property valuation and make it more representative of actual market conditions. However, it is important that the system remains simple, transparent and uniformly enforced across regions. If multiple layers of interpretation emerge during implementation, it could lead to disputes and delays, particularly for redevelopment projects that already involve complex approval processes. Industry consultation at every stage will help create a practical and effective framework,” Shah said. As the state explores one of the most significant changes to its property valuation mechanism in recent years, the industry appears broadly supportive of the objective. Yet the consensus remains clear: the success of micro-zoning will depend on transparency, consistency and stakeholder consultation. Without these safeguards, a reform intended to improve valuation accuracy could inadvertently introduce new layers of uncertainty into an already complex real estate ecosystem.

A Civilisation of Shared Gods

Across Southeast Asia, Hinduism and Buddhism did not clash for supremacy but intertwined across empires and scriptures to forge a uniquely unified civilisational ethos.

Troluwan: Ruins of Majapahit Kingdom.
Troluwan: Ruins of Majapahit Kingdom.

History knows for sure as to when the Buddhist thought entered Southeast Asia, which was when the great Mauryan Emperor Ashoka sent messengers Sona and Uttara into then known ‘Suvarnabhumi’ consisting of Burma and Thailand, to preach Buddha’s message there. Ashoka’s effort did certainly bear fruit especially in neighbouring Burma, where the reputed Buddhist kingdom of Shri-kshetra was formed as early as in the 2nd century CE.


The Buddhist thought as such, however, does not seem to have spread evenly or at a steady pace throughout the entire region. The evidence lies in the fact that it had to wait for three more centuries before getting introduced in the Indonesian archipelago. There is no such record available of the entry of the Hindu thought in the Southeast Asian region. But that can be speculated to have preceded that of the Buddhist by the sheer logic of its uninterrupted existence before Buddhism was born in mother country India.


Shared Sovereignty

The speculation of an earlier Hindu entry in Southeast Asia is proved by the existence of a vast and prosperous Hindu empire of Funan, based in much farther Cambodia in the same, that is, 2nd century.


Theologically speaking, both Mahayana and Theravada branches of Buddhist thought spread in the region, and got rooted in different territories depending on their compatibility with the respective local soil. In the case of Hinduism, its major branches of Shaivism and Vaishnavism flourished in different eras, in the order of the latter following the former, but not necessarily replacing it. Interestingly, a less known fact is about the Vedic stream of the Hindu pantheon, which, along with its yajna system, did exist in fewer pockets like that of Kalimantan Island of Indonesia, in the 4th century CE.


Although there may have been a healthy competition between them with regard to attracting followers, both these streams of thought – Hindu and Buddhist – appear to have existed in almost all of the Southeast Asian territories simultaneously and peacefully throughout, except until their existence was challenged by the Islamic and Christian proselytization around mid-second millennium in the maritime sub-region.


Their peaceful co-existence before that phase has been vouched for by most of the world historians. Although a minority among the Western historians doubted it, and from their strictly binary lenses imagined territorial competition between the two, their speculations could never be proved on the test of evidence.


Sacred Kinship

This peaceful co-existence of theirs is underlined by the royal recognition of their equal status, highlighted in case of mighty polities. The example in the mainland was the Cambodia-based Khmer empire – 11th-12th centuries’ Angkor, including its preceding as well succeeding polities of its heritage, whereas in the maritime domain it was the Indonesia-based 13th-15th centuries’ Majapahit empire.


Elsewhere, the mental unification reflected in intertwining of things apparently coming from two different sources, as it happened in case of the 6th-11th centuries’ Dvaravati kingdoms, spread from southern Burma, northern and central Thailand and parts of Laos, which were Buddhist; but the name Dvaravati was fashioned on Dvarakavati or Dvaraka of Mahabharata’s Krishna, an incarnation of Hindu deity of Vishnu. Similarly, Kyanzittha, an avowedly Buddhist king of the 11th-13th centuries’ Pagan empire of Burma, had considered himself an incarnation of Vishnu.


This background may have supported the current tradition of the Thai royal court, where the reigning Buddhist king is titled as Rama, another incarnation of Vishnu.


While this religio-spiritual unification had the sanction of the ruling class, the societal integration of the thought was at scriptural as well as at the rituals level.  The 10th century Buddhist text of Indonesia called Sang Hyang Kamahayanikan refers to Brahma, Vishnu and Shiva, the trinity of the Hindu pantheon, as the emanations of Vairochana, the meditating Buddha. One of the famous heritage literatures of Indonesia is 14th century Suta-soma, which is another Buddhist text, which treats Shiva and Buddha as equals or even identical with each other. While both the above texts originated in the Java island of the archipelago, the Bali islanders took the spiritual proximity between Shiva and Buddha to the level of establishing familial relationship between them – according to a 19th century historian’s discovery, Buddha was treated as an younger brother of Shiva by the Balinese, a situation that was found to have been made more intimate in the 20th century where Buddha had become Shiva’s son.


This legacy of spiritual unification is found to have been followed by the natives of the profoundly Hindu Bali even today, where the publicly performed religious rituals involve participation by Hindu as well as Buddhist priests. Cynics may smell a division and paint a picture that suggests one-upmanship between the Hindu and Buddhist ideas, where comparatively higher or lower status may have been assigned to either of them in this process. That, however, is not likely to stand, taking into account the sheer sincerity of purpose and effort that shines through this historical process of unification taking place in that region across centuries. Having presented this picture, it may not be out of place to point out that this effort at Hindu-Buddhist unification was attempted even in India, speculated to have taken place in 11th-12th centuries, which treated Buddha as the ninth out of ten incarnations of Vishnu. This Indian move can rather be viewed as a trigger for a similar process in Southeast Asia that started taking a serious shape in later centuries.


(The writer is a research scholar in international relations. Views personal.) 


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