The Maharashtra government has announced an average 5% increase in ready reckoner rates (RR) for properties across the state. According to the revised ready reckoner rates, the highest increase will be in Thane municipal limits, at an average of 9.48%, followed by Pune city at 6.12% and Greater Mumbai at 2.3%.
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.
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.
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.”