PUNE — In a first, the Maharashtra government has directed the registration department to publish proposed Ready Reckoner (RR) rates for the upcoming financial year online, allowing for public feedback before finalization, as published by The Economic Times.
RR rates serve as the government’s assessment of property values and form the basis for stamp duty and registration charges. Traditionally, these rates undergo limited stakeholder consultation and are implemented annually on April 1.
Revenue department officials said the decision was made during a meeting chaired by the state revenue minister. The initiative is intended to enhance transparency and public participation in the process. “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 before finalizing the rates. The logistics of collecting public feedback are still being worked out,” a senior revenue department official said Wednesday.
The department is currently consolidating district-wise data, which is expected to be uploaded online by the end of February.
Preliminary district-level proposals indicate an anticipated 10% increase in RR rates statewide. Officials attribute the hike to multiple factors, including annual registration trends and infrastructure development.
The state government, facing financial constraints, is aiming to generate an additional ₹15,000 crore through the revised RR rates. It expects to collect ₹55,000 crore in stamp duty revenue this fiscal year, having already secured 80% of this target by the end of January.
“The state government did not revise the RR rates for three years. The hike is now overdue, especially given the government’s revenue needs to fund populist schemes like Ladki Bahin,” another revenue department official said.
Real estate developers have expressed concerns that higher RR rates will escalate property prices, potentially leading to an increase in unsold inventory.
“The RR rate hike will lead to a spiraling in flat prices and piling up of unsold units. Instead of increasing RR rates, the government should focus on plugging sources of corruption to increase its revenue,” a developer said.
With the government proposing public consultations and hearings before finalizing the RR rates, officials acknowledge that the final publication may be delayed.
“The decision on the implementation date will be finalized after the hearings on public feedback,” a senior official said.
Traditionally, the RR rates are declared on March 31 and implemented on April 1 each year.