PUNE: State govt, in a first, has directed the registration department to publish proposed ready reckoner (RR) rates for the upcoming financial year online to allow for public feedback before finalising the rates.
RR rates serve as govt’s assessment of property values and form the basis for stamp duty and registration charges. They typically see limited stakeholder consultation and are implemented every year on April 1.
Revenue department officials said the decision, taken during a meeting chaired by the state revenue minister, aimed at increasing transparency and public participation. “Citizens will have eight days to review the draft rates across all eight revenue divisions and their respective value zones. During this period, the department will accept suggestions and conduct hearings to finalise the rates. We are still working out the logistics of receiving citizen feedback,” a senior revenue department official said on Wednesday.
At present, the department is consolidating district-wise data, expected to be uploaded by Feb-end.
The officials said preliminary proposals from districts suggested an approximately 10% rise in RR rates across the state. “The quantum of the hike is determined by various factors, including annual registrations and infrastructure development,” the official said.
Cash-strapped state govt, eyeing an additional Rs 15,000 crore via increased RR rates, expects Rs 55,000 crore from stamp duty collection this financial year, for which 80% of the revenue has been collected till Jan-end. “State govt did not revise the RR rates for three years. The hike is now overdue, especially given the govt’s revenue needs to fund populist schemes like Ladki Bahin,” another revenue department official said.
Developers warned that the hike in RR rates could adversely impact the real estate sector by making properties more expensive. “The RR rate hike will lead to a spiralling in flat prices and piling up of unsold units. Instead of the hike in the RR rates, govt should plug sources of corruption to increase its revenue,” a developer said.
Delay likely in publication of RR rates
With public consultation and hearings proposed before the final publication of the RR rates, there is a likelihood of delay in publication of final rates. “The decision on implementation date will be finalised after the hearings on public feedback,” a senior official.
The rates are usually declared on March 31 and implemented on April 1 every year.
