Follow Us:
Monday, July 16, 2018

Pune, state likely to see lower RR rates

RR rates are used to calculate the value of immovable property — commercial or residential building or land — and charge stamp duty on them.

Written by Nisha Nambiar | Pune | Published: December 18, 2015 10:31:08 am

With the overall sale of properties in the state registered with the Inspectorate General of Registration and Stamps (IGR) seeing a 7 per cent dip than last year for a specific period, the upcoming Ready Reckoner (RR) is slated to reflect this sentiment. Highly placed revenue officials maintained that this year the rates will remain “significantly lower” than last year. Last year, the RR rates issued on January 1 saw a 14 per cent rise for Pune district as well as for the state. This year, efforts are on to curtail the rise to within 10-12 per cent, the officials said. The rates will be issued on January 1 by the IGR office in Pune.

Following meetings with collectors and local representatives in the state, it was suggested to the registration department that the RR rates should not be hiked, revenue officials said. The sale deed and agreement on sale of properties registered with the IGR — assessed for January-September last year and this year — has seen an overall dip of 7 per cent registrations even as some zones have registered a good rise (see box).

This is the first year that a nine-month assessment has been done to compare registration figures in the state for the period January-September for 2014 and 2015. “The comparative figures of last year and this year for the same period indicates a slump in registration for some cities and a rise in some others. The aim is to keep the rise minimal and less than last year,” an official said.

For Pune, in particular the city area, there is only a 3 per cent rise in registrations while in the rural area, there is a 12 per cent dip, figures state. Registration figures show a dip for Pune rural, Nagpur, Thane rural, Aurangabad and Nashik; minimal for Pune city, Mumbai suburban and Thane; and 18 per cent (highest in the state) for Mumbai city.

RR rates are used to calculate the value of immovable property — commercial or residential building or land — and charge stamp duty on them. The present RR rates for “value zones” as it is divided are based on the average market rates, local inquiries, documents registered, media reports, real estate exhibitions and market intelligence.

The documents registered for the state last year was 9,66,830 while this year it is 9,00,5529, a 7 per cent dip in registrations in the state. This year, the IGR had an added feature of taking help of the Maharashtra Remote Sensing Application Centre to map properties close to state highways and national highways. These properties were not reflected in the RR rates earlier, but this year with all survey numbers and details of plots provided, it will help in giving correct rates, officials said. Pune district is divided into 1,280 zones. The rates will rise in some areas. In others, it will remain less or won’t

For all the latest Pune News, download Indian Express App