Ready Reckoner Rates hiked by 7%

The state revenue minister, Eknath Khadse made an announcement in the state assembly that the Ready Reckoner (RR) rates have been increased to 7% with Effect from April 1, 2016. In rural areas the rates have been hiked by 8%, 7% in influential areas, 7% in municipal council and nagar panchayat limits and 5% in municipal corporations. On an average at the State level, the increase comes to around a moderate 7% for 2016-17.

RR is an annual statement of rates on which the stamps and registration department collects the stamp duty from property buyers. With this revision, the government hopes to mop up about Rs 15,000 crore.

Maharashtra government had amended the Bombay Stamp Act and rules last year to introduce RR revision from April 1 instead of January 1 every year. RR rates were increased by an average 15% in 2015, 22% in 2014, 27% in 2013, 18% in 2012, 17% in 2011 and 14% in 2010.

“The government took a conscious decision not to increase RR rates steeply considering the slump in the economy, especially the sluggish mood in the real estate sector,” Khadse said.

Sindhi refugees to get property ownership rights

In a landmark decision, the Government of Maharashtra has ruled that property ownership rights will be granted to the Sindhi refugees who migrated from Pakistan after Partition and settled in Mumbai and other parts of the State. Eknath Khadse, Minister of Revenue has confirmed that the ownership rights will be transferred to all members of the Sindhi community who had occupied land or property between 1947 and 1950.

As per Government records of January 1973, there are 30 settlements of Sindhi refugees in Maharashtra; five in Mumbai and two in adjoining Thane. Similar settlements are sited in Dhule, Jalgaon, Pune, Ahmednagar, Kolhapur, Amravati, and Akola, Washim, Yavatmal and Nagpur districts of Maharashtra.

“Even after six decades, these refugees who moved to India from West Pakistan do not own the land on which they were allowed to settle by the then Government”, the Revenue Minister said. “These properties, which  are currently classified  as ‘B-class’ lands wherein the ownership still lies with the Government, will now be upgraded to  ‘A-class’ whereby the owners will get ownership of their land after paying one time amount (50% of Ready Recknor rates). After the transfer of rights, the owners will not have to come back to the District Collector to seek fresh approval for sale or resale of their properties.” Khadse added.

*Ready Reckoner   (RR) is a guide published by the State, which determines the rate of properties in a particular area on which stamp duty and registration charges are levied.