PUNE: The state may have to take permission from the Election Commission of India (ECI) to announce the ready reckoner rates on April 1, if the model code of conduct comes into effect for the Lok Sabha elections by then, said a senior revenue officer.
Ready reckoner (RR) rate is the state govt’s assessments of property value, on the basis of which stamp duty and registration charges are paid.
The officer said currently, work was on to draw up property valuation in Maharashtra. The state govt would take a final call on whether to revise the RR rates or continue with the same. The announcement may need ECI clearance, if the polls were announced by then.
On March 31 last year, the state govt had decided not to increase the RR rates for the fiscal 2022-23. Developers were of the opinion that with the upcoming polls, the govt should maintain status quo as in 2023.
Credai national vice-president Sunil Furde told TOI that the rates should remain unchanged.“We have appealed to the state and are hoping that rates are not revised this fiscal year too, considering it is an election year. Even if the state does not change the RR rate, the govt’s revenue target will be achieved.”
Homebuyers echoed the developers. R Rao, a senior citizen, said due to elections, it was likely the RR rates would remain the same. “The RR rates are already high in Maharashtra,” he said. Chairman of Anarock group Anuj Puri said the state could consider a status quo on RR rates. “It would be a shot in the arm for the housing market and keep the current momentum steady,” he said.
Property registrations may cross 30L by fiscal-end
Till the first week of Feb, property registrations in Maharashtra had crossed 23 lakh and were expected to cross 30 lakh by March-end. In 2022-23, the total documents registered were 25 lakh.
