The Government of Maharashtra has increased the ready reckoner rates for Mumbai and rest of Maharashtra by average 7 – 8 %. In Mumbai, the rates used for property valuation have been increased by 7%. The rates have been increased by 4% for Navi Mumbai while for Thane and Pune the average hike is at 6%. The Kolhapur city has seen the maximum increase in ready reckoner rates by 7.8%.
Last year, the ready reckoner rates have been increased by 15% in the city of Mumbai. Ready reckoner rates are assessments of property value by the State Government on the basis of which stamp duty and registration charges are paid. The upward revision in ready reckoner rates would result in homebuyers paying more stamp duty. Apart from this, developers also usually pass on increases in project expenditure to consumers. The ready reckoner rates for the year 2016 have seen decrease in the percentage as compared to the previous year. For more details visit www.greenconcepthousing.com.