Maharashtra Government Raises Ready Reckoner Rates By Average 5%

The Maharashtra government on Thursday hiked ready reckoner rates by average 5% across the state for the financial year 2022-23.

The new rates were announced here by Shravan Hardikar, Inspector-General of Revenue and Controller of Stamps.

The publication of ready reckoner rates (also known as Annual Statement Rate) which are standard prices of residential property, land or commercial property for a given area, usually takes place on March 31 every year.

"For 2021-22, the rates were kept stable. Now the Covid-19 situation is improving and there is increase in revenue for the state government from property transactions. While revising the ready reckoner rates for 2022-23, the property registration data of the last two years were also taken into consideration," said Hardikar.

As per the new rates, there is an average increase of 5% across the state with effect from April 1 (excluding Mumbai) while for municipal corporations (excluding Mumbai ) the RR rates have been hiked by 8.80%,

In Mumbai municipal corporation area, the rates have been increased by an average of 2.34%. In rural parts of the state, there is an increase of 6.96%.

In Pune, Thane, Navi Mumbai corporations, the ready reckoner rates have been increased by 6.12%, 9.48% and 8.90%, respectively.

For Aurangabad, Malegaon, Nashik, RR rates have been increased by 12.38%, 13.12% and 12.15%. For Pimpri Chinchwad, the average increase in the annual ready reckoner rates is 12.36%.

Hardikar said that in September 2020 (during the pandemic), RR rates were increased marginally (by 1.74%) across state.

Anil Pharande, President of Confederation of Real Estate Developers Associations of India - Pune Metro, said the hike was high and unwarranted.

The government should have realized that the construction industry is still grappling with effects of the pandemic and going through a very tough time due to input material price hike of about 40%, he added.