The Ready Reckoner Rate is a rate card published by the government, which lists the minimum prices of various types of properties, including apartments, plots, and commercial spaces. The rate is calculated based on factors such as location, infrastructure, and amenities. The RRR serves as a benchmark for property valuations, ensuring that property owners and developers pay their fair share of taxes.

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In 2008, the Maharashtra government revised the Ready Reckoner Rate for Mumbai, which came into effect on April 1, 2008. The revised rates showed an average increase of 20-30% across various areas in Mumbai. This revision was aimed at capturing the rapidly appreciating property values in the city. For instance, in areas like Bandra and Juhu, the RRR increased by 50% and 40%, respectively.