Could Real Estate Prices Go Up? Maharashtra Govt Set To Revise Ready Reckoner Rates, Seeks Public Opinion

Mumbai: If all goes to plan, the state government will put out a draft of the revised rates of the Ready Reckoner (RR) before the public this week, for suggestions. The intention is to gauge public opinion, as a revision might lead to an instant hike in property rates, pinching the pocket of the common man, say those in the know.

The state government revises the RR rates almost every year, and this revision comes into effect from April 1. But for more than three years, the state did not touch the old rates, bearing in mind the effects of the Covid-19 pandemic. This year, however, the state is likely to hike the rates by 3 to 5 per cent, say sources. The state government has no option but to increase the rates, in view of the financial constraints it has been facing, mainly due to populist schemes such as the Ladki Bahins and Ladka Bhai Yojanas.

Similarly, the state has decided to do away with the practice of accepting affidavits on ₹100 stamp papers; now, these can only be made on ₹500 stamp papers. Initially, the plan was to increase the RR rates by 10 per cent, which would have sparked outrage.

Accordingly, this rate was capped at a maximum of five per cent. But to avoid a backlash in view of the upcoming elections to the civic and local bodies, the state wants the participation of the general public before finalising the new RR structure, sources said. The state may also have to amend rules to push forward the date of implementation of the new RR rates, which may now be scheduled for May 1. The public will be asked to submit their views within 10 days, they said.