PUNE: The property registration department achieved 85% of its revenue target by the second week of this month, ahead of a possible hike in ready reckoner (RR) rates from April 1. State govt proposed a rise to fund its various welfare schemes.
Data shows 23.72 lakh documents were registered across Maharashtra till Feb 10, fetching Rs46,493.75 crore in revenue. The highest monthly figure recorded this financial year was in Jan, at 2.81 lakh documents, garnering Rs 4,965 crore. “Barring two months, the number of registrations crossed two lakh each in the remaining months,” a senior revenue official said.
Officials said the target of Rs55,000 crore could be reached well before the deadline of March-end. “High-value transactions ahead of the next fiscal have resulted in good collections, with many months exceeding Rs5,000 crore each,” another official said.
CREDAI members said if the revenue target could be met there was no need to increase the RR rates.
“We have already requested the revenue minister and the state inspector general of registration in this regard. A hike in RR rates will affect the realty market, impacting the affordable housing sector. We have also demanded that the rules published with the annual statement of rates be revised as there are certain clauses regarding floor space index which need corrections,” state CREDAI president Pramod Khairnar said.
Shantilal Kataria, member of the CREDAI national governing council, said despite keeping RR value steady for three consecutive years, govt is able to generate enough revenue. “Like other sops they have announced, they should also ensure that the middle class is not affected by keeping the RR rates stable even in the coming year. The market buoyancy should be kept in mind before making any knee-jerk reaction.”
Meghana Verma, who is planning to buy a house next year, is worried if the RR rates increased the value of property she was considering would go up. “The builder might use it as an excuse to increase the price, inviting a higher stamp duty and taxes. Eventually I will have to shelve my plan.”
Ready reckoner rates play a crucial role in determining the stamp duty and registration charges that need to be paid by buyers while purchasing properties. They are determined based on factors such as the location, infrastructure and amenities. The rates vary from one area to another, and within an area, they may differ for residential, commercial and industrial properties. “A rise in RR rates will affect the overall cost and the buying capacity, and this will impact the market,” a developer said.
The department achieved approximately 140% of its revenue target in the 2022-23 financial year, followed by 100% last fiscal.
Pune: The property registration department achieved 85% of its revenue target by the second week of this month, ahead of a possible hike in ready reckoner (RR) rates from April 1. State govt proposed a rise to fund its various welfare schemes.
Data shows 23.72 lakh documents were registered across Maharashtra till Feb 10, fetching Rs46,493.75 crore in revenue. The highest monthly figure recorded this financial year was in Jan, at 2.81 lakh documents, garnering Rs 4,965 crore. “Barring two months, the number of registrations crossed two lakh each in the remaining months,” a senior revenue official said.
Officials said the target of Rs55,000 crore could be reached well before the deadline of March-end. “High-value transactions ahead of the next fiscal have resulted in good collections, with many months exceeding Rs5,000 crore each,” another official said.
CREDAI members said if the revenue target could be met there was no need to increase the RR rates.
“We have already requested the revenue minister and the state inspector general of registration in this regard. A hike in RR rates will affect the realty market, impacting the affordable housing sector. We have also demanded that the rules published with the annual statement of rates be revised as there are certain clauses regarding floor space index which need corrections,” state CREDAI president Pramod Khairnar said.
Shantilal Kataria, member of the CREDAI national governing council, said despite keeping RR value steady for three consecutive years, govt is able to generate enough revenue. “Like other sops they have announced, they should also ensure that the middle class is not affected by keeping the RR rates stable even in the coming year. The market buoyancy should be kept in mind before making any knee-jerk reaction.”
Meghana Verma, who is planning to buy a house next year, is worried if the RR rates increased the value of property she was considering would go up. “The builder might use it as an excuse to increase the price, inviting a higher stamp duty and taxes. Eventually I will have to shelve my plan.”
Ready reckoner rates play a crucial role in determining the stamp duty and registration charges that need to be paid by buyers while purchasing properties. They are determined based on factors such as the location, infrastructure and amenities. The rates vary from one area to another, and within an area, they may differ for residential, commercial and industrial properties. “A rise in RR rates will affect the overall cost and the buying capacity, and this will impact the market,” a developer said.
The department achieved approximately 140% of its revenue target in the 2022-23 financial year, followed by 100% last fiscal.
