Home buyers in the city will now have to shell out more money as the state government has increased the Ready Reckoner rates that determine the stamp duty amount to be paid by the buyers.
The rates in the ready reckoner have been hiked up to 15 per cent and are applicable from the start of this year.
According to the new ready reckoner rates, a 1,000 square feet flat at SV Road in Santacruz will now be valued at Rs 1.18 crore, compared with a valuation of Rs 1.07 crore according to last year’s rates.
Stamp duty for the flat will increase to Rs 5.73 lakh, against Rs 5.19 lakh during 2009.
Rates at Bandra Reclamation have also been hiked to Rs 8,700 per square foot against Rs 8,300 per square foot, last year. A 1,000 square feet flat, will now attract Rs 4.21 lakh as stamp duty, against Rs 4.07 lakh, last year.
Vinod Sampat, president, Registration Fee and Stamp duty payers association, told Hindustan Times that the increase in the ready reckoner rates will hurt the common man.
“It is unfair to tax buyers who spend their entire savings to buy a home. Instead of offering relief, this will only burden him,” said Sampat.
On December 31, Hindustan Times had published a report on the proposed hike in the ready reckoner rates.