Home prices set to rise in as Maharashtra Govt. has increased Ready Reckoner R Rates up to 8%

Q: The country's most expensive property market Mumbai, the rates used for property valuation have been increased by 7%.

Sankalp, Mumbai

1st April 2016

Property Tax in Mumbai

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maharashtra government

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ready reckoner rate hike

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Replies (2)

Hi Abhijit and Lewin!!!!!
But do you know that this upward revision in ready-reckoner rates would result in more stamp duty for the home buyers. At the same time, developers usually pass on increase in project expenditure to consumers.

Lekshmi,

1st April 2016

Comment

Hi lekshmi,
At the same time, it is also true that the government usually revises these rates every year. This rates are assessment of property value by the state government on the basis of which stamp duty and registration charges are paid.

Abhijit Thanki, Mumbai

1st April 2016

It means this hike will apply for developers as well as they have to pay premium for FSI and development charges. But rise in these levies would increase a project's cost, which developers would try to recover from consumers.

Lewin G,

1st April 2016

@Lewin,
Yes, various levies and charges paid by builders too are calculated based on ready-reckoner rates. But developers usually pass on increases in project expenditure to consumers.

Lekshmi,

1st April 2016

HI,
I wanted to know the increased Ready Reckoner Rates in Maharashtra. What will be the property valuation rate now in Mumbai, Navi Mumbai and Pune?

Abhijit Thanki, Mumbai

1st April 2016

Comment

Hi Abhijit,
In Mumbai, the rates used for property valuation have been increased by 7%. Similarly, in Navi Mumbai, this rate has been increased by 4%, while for Pune the average hike is at 6%.

Lewin G,

1st April 2016