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Maha hikes ready reckoner rates across state
PUNE The Maharashtra government has announced an average hike of 5% in the ready reckoner rates (RR) for properties across the state
PUNE The Maharashtra government has announced an average hike of 5% in the ready reckoner rates (RR) for properties across the state. As per the revised ready reckoner rates, the highest increase will be in the Thane municipal limits at an average of 9.48%, Pune city at 6.12%, and Greater Mumbai at 2.34%. The revised rates will come into effect from Friday, April 1, for the financial year 2022-23.
Ready reckoner are the rates of immoveable property on the basis of which market value is calculated and whereas stamp duty is determined. The rise in RR rates is also likely to increase overall prices of real estate in Maharashtra, something the developers’ lobby has opposed.
The inspector-general of revenue and controller of stamps, Shravan Hardikar, announced the new rates in Pune and said that the revised rates have been determined based on property registration documents during 2021-22 and 2020-21.
Normally, the ready reckoner rates are published on March 31 every year though last year, the government did not increase them. During 2020-21, the state government skipped the April 1 cycle and instead, hiked the prices in September 2020.
“The development taking place in various cities reflects in the property registration documents during the last two years. This has been taken into account when the government decided to revise the rates for the coming financial year,” said Hardikar.
As far as Maharashtra is concerned, there is a hike of 5% across the state (excluding the Mumbai region) while for municipal corporations (excluding Mumbai), the RR rates have been increased by 8.80%. In rural parts, there has been an increase of 6.96%. In the Mumbai municipal corporation, the rates have been hiked by an average 2.34%.
In a statement, the real estate developers’ body CREDAI said that the industry is going through very tough and challenging times due to input material price hike by about 40% and many developers, especially in the affordable housing category, are unable to buy at these exorbitant rates. “This may lead to temporary closure of work. In these tough times, a hike in the RR rates was highly uncalled for, said Anil Pharande, president, CREDAI Pune metro.
According to Pharande, the RR rates in Pune, Pune extended and PCMC have increased by 6.12%, 10.15% and 12.36%, respectively. “Such increase was totally uncalled for. In many places, it is seen that there was a mismatch in the RR rates and we had appealed for correction.”
