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...

min read

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.

Singing diva passes into eternity

Quaid Najmi
Apr 12
3 min read

Mumbai: Veteran playback singer Asha Bhosle - of the legendary Mangeshkar clan - passed away following cardiac complications and multi-organ failure at the Breach Candy Hospital on Sunday morning, her son Anand Bhosle announced.

She was 92. She is survived by her children and grandchildren, as well as her siblings Hridaynath Mangeshkar, Usha Mangeshkar and Meena Khadikar, and other family members, many of whom are associated with the entertainment industry. Her elder son Hemant Bhosle succumbed to cancer in 2015 while a daughter Varsha died by suicide in 2012.

Decorated with the Padma Vibhushan, Dadasaheb Phalke Award and Maharashtra Bhushan Award, besides two National Awards and numerous other domestic and international honours, Bhosle’s last rites will be performed on Monday afternoon at the Chhatrapati Shivaji Maharaj Park crematorium.

Her mortal remains will be kept for public darshan at her Lower Parel residence for three hours before being taken in a procession to the crematorium. She will be accorded a funeral with full state honours, Chief Minister Devendra Fadnavis said.

Singing Record

In a singing career spanning over seven decades, Ashatai - as she was reverentially known - recorded more than 12,000 songs in Hindi, Marathi and nearly two dozen other Indian and foreign languages.

Born on September 8, 1933 in a remote hamlet of Goar in Sangli, Ashatai began her singing career at the age of 10 with the Marathi song “Chala Chala Nav Bala” from the film ‘Majha Bal’ (1943), to support her family, alongside her elder sister, the late Lata Mangeshkar who died in February 2022.

When barely 16, she defied her family to elope and marry 31-year-old Ganpatrao Bhosle, her personal secretary, but the alliance ended in separation in 1960. Later she married legendary music director R. D. who passed away in January 1994.

After singing many songs in Marathi for five years, Asha got her first break in Hindi cinema with the song “Sawan Aaya” from the film ‘Chunariya’ (1948), as part of a trio, followed by her first solo number ‘Raat Ki Rani’ (1949). Over the decades, she continued to experiment with her voice and musical styles, building an extraordinary and enduring legacy.

Distinct Identity

Initially overshadowed by Lata Mangeshkar’s ethereal voice, Asha crooned on to carve out a distinct identity helped by her husky voice with a nasal timbre, versatility, expressive and wide-ranging vocal style - capable of traversing silky melodies to powerful crescendos, disco, pop, rock, classical and adapting effortlessly to diverse genres.

Her repertoire ranged from soft songs, romantic melodies, peppy cabaret numbers to disco, rock, pop to exhilarating qawwalis, soulful ghazals, divine bhajans and classical compositions. She remained a favourite of masters of the baton like O.P. Nayyar, R. D. Burman, and worked extensively with Ghulam Mohammed, S. D. Burman, Ravi, Shankar-Jaikishen, Madan Mohan, Kalyanji-Anandji, Laxmikant-Pyarelal, and the younger crop of Anu Malik, Jatin-Lalit, A. R. Rahman, and others.

Ashatai went on to explore private albums, fusion projects and international collaborations with leading artists, constantly reinventing herself to remain relevant across changing musical eras. Her prolific output and sheer body of musical works earned her a place in the Guinness World Records (2011).

News of her passing triggered a tsunami of grief with tributes from across the country with top ruling and opposition political leaders, Union and state ministers, film personalities, corporate figures and millions of fans, mourning the loss of a voice that defined generations of Indian music.