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Saturday, Sep 21, 2019

Maharashtra government says new Ready Reckoner rates won’t be implemented till April

The ready reckoner (RR), a guide published annually by the state government, determines the rate of the property in a particular area on which the stamp duty and registration charges are levied.

mumbai Updated: Dec 30, 2017 00:04 IST
Naresh Kamath
Naresh Kamath
Hindustan Times
According to revenue minister Chandrakant Patil, it is not possible to implement the new RR in January.
According to revenue minister Chandrakant Patil, it is not possible to implement the new RR in January.(HT file photo)
         

For the third year in a row, the state government has deferred presenting the revised Ready Reckoner (RR) rates in January by three months. This effectively means that the high rates of RR currently in force will continue till March end bringing no relief to the hassled real estate sector.

According to revenue minister Chandrakant Patil, it is not possible to implement the new RR in January. “Several districts in the state have still not submitted their report comprising the realty transactions, based on which we publish the RR rates,” he said.

The ready reckoner (RR), a guide published annually by the state government, determines the rate of the property in a particular area on which the stamp duty and registration charges are levied. Some of the factors that determine the RR rate are stamp duty registrations, sales data, local surveys, visits to property exhibitions, and major transactions conducted in the year.

The real estate slowdown prompted the builders and buyers to demand a reduction of the stamp duty, as a relief to the realty sector. Vinod Sampat, a noted real estate lawyer, said “The current RR rates are too high and need to be corrected. If the RR is published in January, it gives the state enough time to provide some sops to the realty sector.”

The RR is also used to pay the developmental charges and cost of premium charged on exemption granted to Floor Space Index (FSI). It has been linked to the new property tax structure.

First Published: Dec 30, 2017 00:01 IST