For the second consecutive fiscal, ready reckoner rates in Maharashtra will remain unchanged in 2019-20. Revenue department officials said the decision was taken at a meeting ahead of the announcement of the Lok Sabha election schedule on March 10 and implementation of model code of conduct.
They said the decision was a regular procedure and would not come under the purview of the code of conduct. The meeting was attended by key ministers and instructions will be issued to the Inspectorate General of Registration and Stamps and town planning department.
RR rates are used by the government to assess market value of properties. Stamp Duty and Registration charges are paid on the basis of RR rates , which are revised on April 1 every year. In 2017 , RR rates were increased by 3.9 % . The authorities had cited the slowdown in the real estate sector for not increasing rates in 2018-19.
Realtors have for long been urging the government not to increase rates. They also wanted a price correction after last year’s amendment to Bombay Stamp Rules 2018, that allowed the chief controlling revenue authority to increase or decrease RR rates.