New ready reckoner rates in Maharashtra not before May 31

PUNE: The Inspector General of Registration and Stamps (IGR) on Monday said the Ready Reckoner rates in Maharashtra would be announced after May 31 because of the Covid-19 outbreak.


This year’s ready reckoner rates were supposed to be announced on April 1. In an order issued on Monday, state IGR Omprakash Deshmukh said the rates would be announced later in accordance with the government’s further instructions. He added that the existing ready reckoner rates would be applicable in the state till May 31 or the date when the government would issue the instructions.



Revenue minister Balasaheb Thorat told TOI last week that publication of this year’s ready reckoner (RR) rates had been postponed in the wake of the coronavirus outbreak in the state.


The ready reckoner rates, which are prices of a residential property, land or commercial property for a given area, are published on March 31 every year and implemented from April 1. All calculations related to real estate, such as stamp duty, registration, premiums and tax collection, are based on the ready reckoner rates.


Deshmukh, in his order issued under the Maharashtra Stamp (determination of true market value) Rules, 1995, said it was not possible for the government to publish the rates for 2020-21 in the wake of the coronavirus outbreak.


“The state government has instructed to continue with the 2019-20 rates till further orders. The government has directed the IGR to continue with the rates till May 31 or further instructions. Necessary orders have been issued to all field officers of the 516 registration offices across the state and they will act accordingly,” the IGR told TOI.


Confederation of Real Estate Developers Associations of India (Credai) representatives have urged the government to not increase the ready reckoner rates on the ground that the Covid-19 lockdown has slowed down the real estate sector that was already passing through a slowdown.


Source: https://realty.economictimes.indiatimes.com/news/industry/new-ready-reckoner-rates-in-maharashtra-not-before-may-31/74905017

March 31, 2020

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