Tuesday, 4 July 2017

Revenue department told to follow RR rate directives

According to the cabinet decision, the ready reckoner rates are decided as per the 1995 formulas

To control the soaring ready reckoner (RR) rate, the Maharashtra government has made it mandatory for the town planning branch of the revenue department to refer to the given directives while calculating the government rates each year.
According to the cabinet decision, the ready reckoner rates are decided as per the 1995 formulas. “That includes the land value, construction qualities, advantages and disadvantages, education facilities, transport and appreciations in property. But most of the times, these directives are not considered while fixing and increasing the government rates. Now, it will be mandatory to refer to these directives, and then hike the rates. This will give a true picture of that particular locality,” the cabinet notice stated.
The government had made an amendment to the Bombay Stamp (Determination of True Market Value of Property) Rules, 1995 and the revised rules were issued through a gazette notification.
“Due to a haphazard rise in property rates at most locations, the rates provided by private builders are usually higher. The stamp duty and registration is based on the government rates. In that case, the builder has no options but to increase the property rates. It makes it difficult for home buyers to buy a property. We want to control the prices therefore the given directives have to be followed while deciding the RR rates,” said an official from the state revenue department.
CHANGE IN DATES

Earlier, the Maharashtra government used to announce the rates on January 1 of every year, but since last year, the RR rates are announced in April.