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.