In a major relief to the realty sector and also for the property buyers, the Maharashtra Government has not made any changes in the ready reckoner (RR) rates for the year 2021-22. RR rates, which were effective from September 12 last year, will be applicable for the fiscal 2021-22.
In view of the coronavirus pandemic, the state government had increased the RR (RR) rates in the state by around 1.74 percent.
The decision was also taken because the realty sector is one of the hardest-hit sectors by the prolonged lockdown imposed due to the Covid-19 pandemic.
The government had increased the RR rates after it kept it unchanged for two consecutive years 2018-19 and 2019-20, after increasing the rates by 3.9 per cent in 2017 due to the slowdown in the realty sector.
RR rates are the minimum values set by a state government below which a property cannot be registered. Each area within a city has its own RR rate on which stamp duty is calculated.
The government had received representations from various realty sector organisations and also from political parties with a plea not to increase the RR rates as the revival in the economy and in the sector has just begun after the coronavirus induced lockdown and economic downturn.
The Revenue Department desk officer Pritamkumar Javale on Wednesday conveyed to the Inspector General of Registration and Controller of Stamps that the RR rates, which were applicable from September 1, 2020, will continue for the fiscal 2021-22. ‘’ The state government had published six months before the RR rates for 2020-21. The real estate sector is slowly recovering and against this backdrop the request by CREDAI to maintain a status quo is genuine. Therefore, the RR rates fixed under the Maharashtra Stamp (Determination of True market Value of Property) Rules, 1995 in September 2020 will be continued for 2021-22, said Javale in the notification.