The Maharashtra Government Has Increased Ready Reckoner Rates in 2022 by an Average of 5 per cent

Ready reckoner prices are on their way up!!

The Maharashtra government increased ready reckoner rates by an average of 5% throughout the state on March 31 for the fiscal year 2022-23. Shravan Hardikar, Inspector-General of Revenue and Controller of Stamps, announced the revised prices recently.

The annual publishing of ready reckoner rates which are the standard pricing for residential, land, and commercial property in a certain region, typically occurs on March 31.

"Rates were maintained at their current levels for 2021-22. Now that the COVID-19 situation is improving, the state government is seeing a rise in income from property purchases. While revising the ready reckoner rates for 2022-2023, the past two years' property registration data were also considered "Hardikar said.

According to the new rates, there is an average rise of 5% throughout the state (excluding Mumbai) taking effect from April 1, while municipal corporations (excluding Mumbai) have seen an 8.80 percent increase in RR rates.

Rates have been hiked by an average of 2.34 percent in the Mumbai municipal corporation region. There has been a 6.96 percent growth in rural areas of the state.

In the cities of Pune, Thane, and Navi Mumbai, ready reckoner rates have been hiked by 6.12 percent, 9.48 percent, and 8.90 percent, respectively.

Ready Reckoner prices in Aurangabad, Malegaon, and Nashik have been hiked by 12.38, 13.12, and 12.15 percent, respectively. Annual ready reckoner rates in Pimpri Chinchwad have increased by an average of 12.36 percent on average.

According to Hardikar, RR rates were somewhat raised (by 1.74 percent) throughout the state in September 2020 (during the pandemic).

Numerous real estate specialists believe that this increase is excessive and untimely.