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Thursday, April 15, 2021

No change in Ready reckoner rates in Maharashtra this year says state Revenue Minister Balasaheb Thorat

The last hike in RR rates was announced last September, when market values for properties across the state rose by an average 1.74 per cent.

By: Express News Service | Mumbai |
Updated: April 1, 2021 2:30:03 am
Balasaheb Thorat newsReady reckoner (RR) rates in Maharashtra will remain unchanged this year, state Revenue Minister Balasaheb Thorat said on Wednesday (File)

Ready reckoner (RR) rates in Maharashtra will remain unchanged this year, state Revenue Minister Balasaheb Thorat said on Wednesday.

The last hike in RR rates was announced last September, when market values for properties across the state rose by an average 1.74 per cent. On account of the persistent slowdown in the construction industry, the government hadn’t revised the rates in 2018-19 and 2019-20. While the rates for 2020-21 were originally expected to be declared last April, the government pushed the announcement back till September in view Covid-19.

The government has also decided not to extend the stamp duty waiver on property registrations where a 2 per cent waiver was given till March 31, 2021. The scheme was announced last August to give a boost to the real estate sector, whereby stamp duty on housing units was reduced from 5 per cent to 2 per cent until December 31, 2020. It was subsequently kept at 3 per cent till March 31, 2021.

The regular 5 per cent rate will now be applicable from April 1.

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