The state revenue department is contemplating introducing changes in the rules regarding setting of ready reckoner rates in the state and the city. The ready reckoner rates are taken as the base parameter for paying stamp duty while citizens carry out transactions of land or property sale.
Hitherto, rates once decided by the state were final, even if the rates were high or if the calculations had been been done wrongly. Once the rate was set by the revenue department, they could not be revised even if the market conditions did not support them. Besides, public representation was minimal in deciding the ready reckoner rates.
“Due to all these problems, we are thinking of bringing about changes in the rules regarding framing of ready reckoner rates to ensure there are no anomalies. There have been cases, where there were two different rates in a particular location. For example, in Mahalakshmi the rates on one side of the Tulsi Pipe road is higher than on the other side.
This, when the other side has slums and old buildings. So, these could not be rectified. The only option was to increase the rates of the other side.
Considering all aspects we have decided to examine a change in rules,” said an official. “There have been cases, where ready reckoner rates have been higher than the market rates. Besides, the public was not represented when deciding rates. All this may change.”