As Maharashtra gears up for the next financial year (2024-25), the state’s Registration and Stamp Duty Department is in the final stages of evaluating the possibility of a price rise in the ready reckoner rates. Despite the ongoing Lok Sabha Election Code of Conduct, which typically imposes restrictions on administrative decisions, the proposed hike in ready reckoner rates may proceed as scheduled.
Background and Current Developments: Traditionally, on April 1st of each year, the Registration and Stamp Duty Department revises the ready reckoner rates, reflecting changes in property valuations and market dynamics. Currently, the department is engaged in finalizing the new rates for the upcoming financial year.
Recent discussions held at the collector’s office between department officials and local representatives shed light on the prevailing discrepancies in transaction rates across rural and urban areas. It was noted that transactions in rural and affected regions were occurring at rates 15 percent higher than the ready reckoner, while urban areas saw a discrepancy of seven to eight percent. In light of these observations, the department has proposed a potential increase in the ready reckoner rates for the next fiscal year.
Challenges and Stakeholder Perspectives: Amidst the ongoing challenges faced by the construction sector, including economic downturns, demonetization, and the COVID-19 pandemic, stakeholders have expressed concerns over the prospect of a ready reckoner rate hike. Pramod Khairnar Patil, President of CREDAI Maharashtra, has advocated for maintaining the current rates or announcing a tariff freeze for a three-year period to provide stability to the sector.
Despite the usual practice of annual ready reckoner rate hikes by the state government, no decision has been made to maintain the rates unchanged, preceding the imposition of the Lok Sabha Election Code of Conduct. This absence of a decision has led to speculations that the rates may indeed see an increase this year.
Officials from the Registration and Stamp Duty Department have emphasized that the day-to-day operations of ready reckoner rate adjustments are unaffected by the election code of conduct, ensuring that necessary decisions regarding rate adjustments can proceed as planned.
