The government had raised RR rates in 2017-18 but had continued the same for the fiscal year 2018-19 following series of representations received from political parties and the realty sector.
In view of ongoing Lok Sabha elections, the state government on Monday decided to maintain a status quo in the ready reckoner (RR) rates for Greater Mumbai and rest of Maharashtra for 2019-20. The average RR rates in Greater Mumbai will continue to be 5.83 per cent. The government had raised RR rates in 2017-18 but had continued the same for the fiscal year 2018-19 following series of representations received from political parties and the realty sector.
State Inspector General of Registration (IGR) Anil Kawade told DNA,''The state government has taken a decision to continue RR of 2018-19 for the year 2019-2 for the entire Maharashtra.'' He informed the government has issued notification in this regard.
RR rates refer to the minimum rate notified for registration of property transactions and they tend to vary across various areas of Mumbai and other parts of Maharashtra depending upon the market value of the area and the facilities that are available in that area. RR rates also depend upon the type of the property.
BJP legislator from north Mumbai Atul Bhatkhalkar welcomed the government's move saying that the property buyers will not have to shell out more money following the status quo in RR rates in Greater Mumbai.
Builders Association of India's infrastructure committee chief Anand Gupta said that the status quo in RR rates will stabilise the prices of all land and housing properties in the state.
The RR is a guide published annually by the state and it determines the rate of the property in a particular area on which the stamp duty and registration charges are levied. Key factors which fix RR rates include stamp duty registrations, sales data, local surveys, visits to property exhibitions, and major transactions conducted in the year. The RR rates come into effect from April 1 across Greater Mumbai and rest of Maharashtra.
DNA had written in January that political parties and realty players had pleaded that the state government should reduce the present RR rates in view of the slow pace of economic growth, rising inventory and slump in the property prices. They had said the government should maintain a status quo if it could not cut RR rates for 2019-20.
READY RECKONER
- RR is a guide published annually by the state and it determines the rate of the property in a particular area on which the stamp duty and registration charges are levied.
- Key factors which fix RR rates include stamp duty registrations, sales data, local surveys, visits to property exhibitions, and major transactions conducted in the year.
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