Providing a major relief to realty sector, Maharashtra Government has decided not to effect any changes in the Ready Reckoner (RR) rates. As such, the RR rates effective from September 12, 2020, will continue to be applicable in the financial year 2021-22. In the RR rates declared in September 2020, the Government had effected hike of around 1.74 per cent. Earlier, in 2017-18, the Government had increased RR rates by an average 3.9 per cent. In 2018-19 and 2019-20, the Government had not revised the RR rates.

 

The latest hike effected in September 2020 did not go down well with the realty sector, which was already reeling under crisis due to COVID-19 pandemic and its adverse impact on economy. Confederation of Real Estate Developers’ Associations of India (CREDAI) had urged the Government to provide some relief and not to effect any change in RR rates for the financial year 2021-22. Pritamkumar Jawale, Desk Officer, Revenue and Forest Department, issued a communique on March 31 (Wednesday) stating that the annual RR rates for 2021-22 would remain unchanged. “The annual RR rates for 2020-21 were published six months ago. Slowly, the construction sector is returning to normalcy. Against this backdrop, the request of CREDAI Maharashtra appears to be justified.

 

Considering this, the annual RR rates for the previous year will continue to be effective in 2021-22,” stated the said communique issued to the Inspector General of Registration and Controller of Stamps, Maharashtra. The RR rates are finalised under Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995. The RR rates or annual statement of rates of immoveable property are set by State Government as minimum values below which a property cannot be registered. As per the Rules mentioned above, Joint Director of Town Planning and Valuation, Maharashtra, prepares annual statement of rates showing average rates of lands and buildings situated in every tehsil, municipal corporation or local body area with the help of such other officers as may be appointed by the Government from time to time. Accordingly, the ward-wise rates are published every year. Based on these rates, stamp duty is calculated.