According to the latest reports, the Maharashtra government proclaimed new Ready Reckoner rates which will be applicable throughout the financial year 2022-23. However, in Mumbai, the average rise in the Ready Reckoner rates is 2.64 per cent.
Based on accounts, the average increase in the Ready Reckoner rates throughout Maharashtra, other than that of Mumbai is 5 per cent.
In the hinterland, on the other hand, the rise is 6.96 per cent. In the Nagar panchayat and municipal council areas, it is 3.62 per cent. In other municipal corporation areas, the average rise is 8.8 per cent.
The state government in 2019-20 did not raise the rates. Earlier in 2020-21, the rates were not increased, however, in September, it was increased by 1.7 per cent.
For those unversed, the Ready Reckoner rates are utilized to calculate stamp duty. Recently, the assembly passed a bill that extended the set-off (adjustment) period for stamp duty payment from one year to three years for every new property resale. The stamp duty will now be payable only on the difference in the price of a property.