State govt increases RR rates by 7 per cent making properties more expensive

By Accommodation Times News Services

PropertyFinally the state registration and stamps department announced the ready reckoner rates for the state of Maharashtra were announced on March 31st in evening with a hike of 7 per cent at an average all over the state for the year 2016-17. The new increased rates are applicable from today April 1st.

The rates in the different areas are increased as follows, the rates in rural areas are been hiked by 8 per cent, while 7 per cent in influential areas, 7 per cent in municipal council and nagar panchayat limits, 5 per cent in municipal corporations areas.

The RR rates are market values of a property determined by the government for payment of stamp duty in the course of property transactions.

The state revenue minister Eknath Khadse made announcement in this regard in the state assembly saying that the government took the conscious decision not to increase RR rates steeply considering the slump in the economy and the sluggish mood especially in the realty sector.

During the announcement justifying the hike Khadse said, “The moderate hike was passed on considering the drought crisis faced by the state and taking into account actual property transactions recorded in 2015.”

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