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The state govt is likely to revise and raise the ready reckoner rate (RRR) — the state's benchmark for property valuation — in the financial year 2025-26.
The proposed revision comes after rates remained unchanged for three years and it aimed to bolster the state exchequer following the launch of several welfare schemes — including the Ladki Bahin Yojana and its proposed subsidy increase to be implemented in April.
The RRR is the minimum rate based on which the govt charges registration fees and stamp duty for any transaction related to property. Stamp duty is calculated on the RRR or the actual value of the transaction — whichever be higher.
While the emphasis is on rationalizing the rates, there is bound to be a 5%-10% increase in certain zones that have not seen any revision for a long time — despite increased property registrations. The state govt's final decision will be announced on
Work of district-wise discussion on RRR is already on at the district level and is expected to be completed soon. The state registration department is expected to submit a final report after proper evaluation.
Officials have suggested implementing GIS mapping for more accurate valuations and also taking a cue from similar exercises in Karnataka, Madhya Pradesh and Tamil Nadu. The revenue target has also been revised from Rs55,000 crore in the current fiscal to Rs66,000 crore in fiscal 2025-26.
