Politicos, realtors bat for drop in RR rates in Mumbai
In a poll bound year, political parties and realtors seem to be on the same page, especially when it comes to ready reckoner (RR) rates in Greater Mumbai. Both want the state government to reduce the present RR rates in view of the slow pace of economic growth, rising inventory and slump in the property prices.
Political parties opine that any rise in RR rates may adversely impact prospects in the ensuing LokSabha elections slated for April-May in 2019.
The RR is a guide published annually by the state and it determines the rate of the property in a particular area on which the stamp duty and registration charges are levied. Key factors which fix RR rates include stamp duty registrations, sales data, local surveys, visits to property exhibitions, and major transactions conducted in the year. The RR rates come into effect from April 1 across Greater Mumbai and rest of Maharashtra.