Mumbai, 31st March 2023: The government of Maharashtra has confirmed that there will be no increase in the new Ready Reckoner (RR) rates, according to a letter written by Satyanarayana Bajaj, Deputy Secretary to the Government of Maharashtra.
The letter was addressed to the Chief Comptroller Revenue Authority and Inspector General of Registration and Controller of Stamps Maharashtra State. The property registration officials have reported that citizens are rushing to register their properties before the new RR rates come into effect from April 1. However, the officials have assured citizens that there is no need to worry as the rates will remain the same as last year.
Deputy Secretary IAS Satyanarayan Bajaj has urged developers and citizens to adhere to the annual market value rate table as per the rules, and adjust their income rates accordingly. The announcement is expected to provide relief to the citizens who were concerned about the possible hike in RR rates.
Rohit Gera, Managing Director, Gera Developments, “The decision by the state to not increase ready reckoner rates is welcome. An increase in the ready reckoner would have led to higher home prices for the end consumer since all premiums are linked to the ready reckoner. In a number of places, home rates are below the RR and home buyers are required to pay stamp duty based on the ready reckoner rate. This move would also provide a relief for these home buyers.”
Anand Naiknavare, Head Business Process, Naiknavare Developers, added, “Positive measures taken by the government like the one to maintain the ASR rates will ease the burden on home buyers and real estate as a whole and in turn make the Indian economy more resilient towards any adverse global economic trends.”