Mumbai In view of the extension of lockdown up to May 31 amid rising coronavirus cases, the Maharashtra Government is expected to further extend the status quo on Ready Reckoner rates for another two months up to July 31.
The government, after the imposition of lockdown from March 22, had decided not to revise the RR rates from April 1 and later announced the status quo till May 31 whereby RR rates applicable during 2019-20 will be charged. RR rate is the standard value of an immovable property assessed and regulated by the state.
Revenue Department officer told FPJ, "The lockdown has now extended up to May 31 and restrictions are not lifted in red and containment zones though relaxations are introduced in other zones.
No new construction is allowed in red and containment zones while in situ construction is permitted without transportation of workers in other areas. Therefore, the government may have to extend the status quo on the recovery of RR rates up to July 31. The decision is expected soon.''
He informed that the department has received representations from the realty sector and elected representatives to maintain status quo and do not consider any revision as the sector has been hit hard due to lockdown and economic downturn.
The government in the annual budget for 2020-21 has announced a 1%reductionin the stamp duty. However, the realty sector is pursuing with the government for further relief including reduction in development charges and rationalization in land under construction and other charges.