Ready Reckoner Rates (RR Rates) in state to remain unchanged for this year

By Realty Quarter Bureau

The state govt. has finally decided not to increase the Ready Reckoner Rates giving respite to the homebuyers as well as the developers. This would be the second time after 2009 that the rates have remain unchanged as last year the rates was increased by 5.86%.

The state government earlier in the month had introduced a provision that would allow reduction in Ready Reckoner rates with an amendment in the Bombay Stamp (Determination of True Market Value of Property) Rules 2018. It allowed the Chief Controlling Revenue Authority for the first time to either increase or decrease the RR rates as well as give the discretion to the government to take a call considering the present market scenario.

The RR rates are market values of properties determined by the government for the payment of stamp duty.

“The proposal was to increase the rates by 7%. But we decided not to increase the RR rates as the rates were already high. Even with all the housing regulations such as the MahaRERA and GST, we were able to cross our revenue target. The stamp and registration department achieved the Rs26,100-crore target,” the revenue minister said.

He said with the current proposal by the authority to increase the RR rates, the government would have earned Rs1,750 crore more than this year’s target but it would adversely impact the sentiment of buyers and seller. “I believe that even as we might make a loss, the volume of transactions is bound to improve with the RR rates remaining unchanged. This, in turn, will help us achieve our target and boost the realty sector,” added Patil.