Buying and developing properties in Mumbai and the rest of Maharashtra is set to become costlier, as the government on March 31, 2016, announced an increase in ready reckoner (RR) rates by an average of 7%, effective April 1.
Ready reckoner rates are market values of a property, determined by the government for payment of stamp duty.
The stamp duty on property transactions, calculated on the basis of RR rates, would go up as a result.
See also: How does Annual Schedule of Rates impact property prices…
Revenue minister Eknath Khadse made the announcement in the legislative assembly here.
The increase would be 5% in municipal corporation limits, 7% in municipal council limits and 8% in the rural areas.
The government decided to effect only a ‘moderate’ hike in RR rates, considering the slump in real estate sector and the drought, Khadse said.
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