Ready reck­oner rate up across state, homes to cost even more

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dent ht­metro@hin­dus­tan­times.com

MUM­BAI: Prop­erty across Ma­ha­rash­tra is set to get more ex­pen­sive, as the state gov­ern­ment has hiked its ready reck­oner (RR) rate by an av­er­age of 7% .

RR is a rate guide pub­lished by the gov­ern­ment an­nu­ally and de­ter­mines prop­erty rates in dif­fer­ent ar­eas.

Stamp duty and reg­is­tra­tion charges are based on this rate.

The hike not only means home­buy­ers will pay more stamp duty, but also that project-costs will in­crease. The real estate sec­tor, al­ready fac­ing a crunch, will be un­der ex­tra stress, ex­perts said.

Rev­enue min­is­ter Ek­nath Khadse, how­ever, de­fended the hike say­ing, “We were in­un­dated with com­plaints that sharp hikes in RR rates was caus­ing in­creases in land rates in cities like Mum­bai, Pune and Nashik. Hence, we de­cided against in­creas­ing the rates sharply.” Khadse told the state Assem­bly the RR rates were only in­creased by an av­er­age of 7% across the state. “Rates for ma­jor cities, like Mum­bai, will see a 7% rise, while ru­ral ar­eas will see the highest rise of 8%,” he said.

Call­ing the hike mod­er­ate, Khadse said, “The RR was hiked by an av­er­age of 14% in 2011, 11% in 2012, 27% in 2013 and 22% in 2014.”

For the RR rates, the city is di­vided into 750 units. Apart from stamp duty, pre­mi­ums charged on Floor Space Index (FSI) and other prop­erty-re­lated pay­ments are de­ter­mined by the RR.

CON­TIN­UED ON P11

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