Maharashtra: Possibility of price rise of Ready Reckoner; Work by Registration and Stamp Duty Department in final stage

Lok Sabha Election Code of Conduct is not likely to stand in the way of the proposed ready reckoner rate hike. Hence, there is a possibility of increase in the rate of ready reckoner in the next financial year (2024-25).

Every year on 1st of April, the ready reckoner rates are re-imposed by the Registration and Stamp Duty Department. Accordingly, the work started by the Stamp Duty Department to propose the new rates of ready reckoner for the next financial year is in the final stage.

In the meantime, the registration and stamp department held a meeting with the people’s representatives at the collector’s office. While arranging it, it was said that the transaction was done at 15 percent more rate of ready reckoner in rural and affected areas. It was pointed out that the transaction rate is seven to eight percent higher in urban areas. Therefore, the department said that it has proposed an increase in the rate of ready reckoner for the next financial year (2024-25).

The rate hike or rate stabilization process is part of the day-to-day operations of ready reckoner. Therefore, the code of conduct will not come in the way of taking any decision whether to increase or keep the rates unchanged in the next financial year, officials said.

The construction sector is now somewhat recovering from one crisis after another such as financial recession, demonetization, corona epidemic. In order to give more momentum to this sector, the rate of ready reckoner should not be increased this year as well. Also, CREDAI Maharashtra President Pramod Khairnar Patil has demanded that the state government should announce the tariff after three years.

Every year from April 1, the rate of ready reckoner is increased by 8 to 10 percent by the state government. The state cabinet has not taken any decision to keep the rate of ready reckoner as it is before the code of conduct for Lok Sabha elections came into force. Therefore, indications are being given that the rate may increase this year, he said.