HOMES IN CITY TO GET COSTLIER AS READY RECKONER RATES INCREASED

Buying a home in Mum bai got even more costlier as the Maharashtra government on Sat urday hiked ready reckoner rates by 3.95% on an average from April 1.

While this is the lowest hike in in seven years, it has caused resentment among builders and analysts who said the move could hurt the realty sector that is already battling a massive slow down. The ready reckoner is a rate card published annually. It indicates the value of a property Any hike would mean an increase in stamp duty rates the home buyer pays while buying or leas ing properties. All real estate cal culations are based on the RR whether it is stamp duty, regis tration, premiums or tax collec tion. The rate is determined by the registration and stamp duty department, based on sales data surveys, visits to property exhibi tions and major transactions of the year.

On Saturday, the state announced new ready reckoner rates for all cities. State revenue minister Chandrakant Patil told the legislative Assembly the new rates came into force from April 1 In Thane, RR rates were increased by 3.18%. Ahmednagar saw the highest increase — 9.82% on an average; Nagpur — the chief minister’s hometown — saw the lowest hike, at 1.50%.

The modest increase in the ready reckoner rate in Mumba compared to the past seven years might indicate the demonetisa tion effect, analysts said.