Stamp duty ready reckoner released

MUMBAI, JAN 1: Stamp duty authorities today released the ready reckoner for the year 1999. The new reckoner has registered some changes f...

MUMBAI, JAN 1: Stamp duty authorities today released the ready reckoner for the year 1999. The new reckoner has registered some changes from its earlier proposed one. The suburban rates have been scaled down by 5-20 per cent from its 1998 values.

The reckoner which had created objections has dropped the 25 per cent hike in the prices of properties which have two roads on either side. It has also dropped the 15 per cent hike in properties facing one main road. The new reckoner also recommends a 20 per cent drop in the prices of a basement area.

Advocate Vinod Sampat said that stamp duty authorities registered 32,000 documents in a year on which 6,000 were registered in the city and 26,000 were in the suburbs. However, fresh documents pertaining to sale of new flats formed only 12 per cent of the total documents submitted. The main bulk of the documents pertain to flats measuring less than 650 square feet carpet area.

The new reckoner is however not likely to be accepted by the activists. The MaharashtraChamber of Housing Industry and the Action Committee of Accommodation Industry plan to object to this. They demand that the reckoner should be scrapped altogether as it still does not take into consideration the slump in real estate.

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