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Real Estate Forum on Ready Reckoner Rate Hike

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Q: The country's most expensive property market Mumbai, the rates used for property valuation have been increased by 7%.
Latest Answer: 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.
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Q: There may be separate RR rates for major cities like Mumbai, Pune, Nagpur, Aurangabad and others, which would give some relief to home buyers.

Latest Answer: @sankalp, And in a reply to BJP MLA's statement, The revenue minister Eknath Khadse announced that the government will study the effect of the ready reckoner on the housing and property tax. But there will not be blanket increase in RR rate.
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Q: It is an attempt to uplift the slow property market.
Latest Answer: Yes, there is no point in increasing Ready Reckoner rates much, although stamp duty may rise by 5% annually, as usual. The government has already made it clear that the benefit on the depreciation value would be calculated only on the structural component and not on the land component in the overall cost. This will increase the ready reckoner value of the property and hence the cost of registration and stamp duty for buyers.
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Q: Hi, i wanted to know who has to pay Property Tax? Which properties are accountable for Property Tax assessment?
Latest Answer: Hii, I am ex-servicemen & I wanted to know that is there concession in property tax as after its due date is over?
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