Ready Reckoner Rates in Maharashtra to remain unchanged In FY19

The Maharashtra state government has decided to keep the ready reckoner rates unchanged across the state for the financial year 2018-19 due to the slowdown in the real estate sector. Anil Kawade, inspector general of registration in Maharashtra said in a circular, “Taking into consideration the slowdown in the real estate sector, there will be no hike in the ready reckoner rates for the year 2018-19. The 2017-18 rates will continue to be applicable this year across the state.” For FY18, the government had increased the RR rate for Mumbai region by 4 percent while keeping the rates steady for the Mumbai Metropolitan region. For FY18, the amount collected for the department of registration and stamps has been Rs 25,121 as crore as against Rs 20,306 crore, as per the inspector general of registration Maharashtra website. Ready reckoner rates are market values of properties determined by the government for a particular area for payment of stamp duty. These rates are published annually and impact the total cost of property. Factors that determine RR rates include stamp duty registrations, sales data, local surveys, visits to property exhibitions, and major transactions conducted in the year.