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.

The Fixer Falls

Kiran D. Tare
Mar 20
3 min read

Ali Larijani, the Islamic Republic’s consummate insider, dies as his carefully managed crises spin beyond control.

In the labyrinthine politics of Iran’s Islamic Republic, few figures were as quietly indispensable as Ali Larijani. He was never one for the theatrics of revolutionary zeal nor the blunt force of military command as typified by the Revolutionary Guards. Larijani was something subtler and, in many ways, more valuable: a fixer. He was regarded as a man who could navigate Iran’s overlapping power centres of the mullahs and the Islamic Revolutionary Guard Corps (IRGC) and keep the system functioning even as it strained under pressure.

His death in an Israeli airstrike in the ongoing conflict thus removes not merely a senior official, but a rare kind of operator. At a time when Iran faces war abroad and unrest at home, it has lost the man who specialised in holding contradictions together.

Larijani’s authority rested less on charisma than on reach. Born in 1958 into a prominent clerical family in Najaf, he was steeped in the ideological traditions of the Islamic Republic, yet never confined by them. His father and brother were ayatollahs; he himself was not a cleric, but moved easily among them. Over four decades, he built a career that traversed nearly every pillar of the state: the IRGC, the culture ministry, state broadcasting, parliament and crucially, the Supreme National Security Council.

This breadth made him invaluable. He was a bridge between factions, between institutions and between ideology and pragmatism. Western diplomats encountered him as a nuclear negotiator while domestic elites relied on him as a consensus-builder. Even his critics conceded his strategic acumen.

Yet Larijani’s pragmatism had limits. He was, above all, loyal to the system. That loyalty was tested most starkly in moments of crisis. As speaker of parliament from 2008 to 2020, he helped shepherd the 2015 nuclear deal through Iran’s fractious political machinery. But as security chief in later years, he also played a central role in overseeing crackdowns on dissent, including the violent suppression of protests that shook the country in 2026.

This duality defined him. To some within the regime, he was a moderating conservative - a man capable of engaging with the West without conceding ground. To many outside it, he embodied the system’s hypocrisies: a polished insider presiding over repression while speaking the language of diplomacy.

In his final months, Larijani found himself at the centre of a gathering storm. Following the death of Ali Khamenei, he emerged as one of the key figures managing Iran’s wartime posture. He was tasked, in effect, with holding together a state under siege from Israeli and American strikes, and internally from mounting unrest.

It was a role that suited his skillset. Larijani had long argued for a calibrated but firm response to external pressure. He advocated preparing for a prolonged war, even entertaining escalation across the region. At the same time, his diplomatic networks with Russia, China and the Gulf states offered channels for manoeuvre in an increasingly hostile environment.

His death, therefore, creates a vacuum that is not easily filled. It is not simply that Iran has lost a decision-maker; it has lost a co-ordinator. In a system where authority is diffuse and often contested, such figures are rare. More than the clerics, Larijani occupied a role that was in some ways more critical: that of the system’s manager. He ensured continuity where others pursued ideology.

That continuity is now in question. Potential successors, such as Saeed Jalili, a hardliner, is unlikely to replicate his predecessor’s balancing act between confrontation and engagement. The risk is that Iran’s decision-making becomes both more rigid and more fragmented. Larijani’s death also illuminates a deeper fragility. The Islamic Republic has long prided itself on the ability to absorb shocks and endure. But that resilience depends on individuals who can navigate its complexities.

There is, too, a personal dimension to Larijani’s legacy. For many ordinary Iranians, Larijani symbolised the contradictions of a ruling elite that imposed strictures on society while enjoying privileges of its own. Stories of moral policing and everyday indignities coexist with images of officials moving freely within global networks. Such tensions fuelled the very unrest Larijani was tasked with containing.

In the end, he was both product and custodian of the Islamic Republic: shaped by its revolution, sustained by its structures and ultimately consumed by its conflicts.

His passing leaves a more immediate one about the system he helped sustain: who, now, will hold it together?