State Requires Election Commission Nod for Announcing Ready Reckoner Rates in Pune
The state of Maharashtra may need permission from the Election Commission of India (ECI) to announce the ready reckoner (RR) rates in Pune on April 1. These rates are assessments made by the state government to determine the value of properties, on the basis of which stamp duty and registration charges are paid. According to a senior revenue officer, the state government is currently finalizing the property valuation in Maharashtra.
A decision will be taken on whether to revise the RR rates or maintain them at their current levels. However, if the model code of conduct comes into effect for the Lok Sabha elections by April 1, the announcement of the RR rates may require clearance from the ECI. Last year, on March 31, the state government decided not to increase the RR rates for the fiscal year 2022-23. In light of the upcoming elections, developers have suggested that the government maintain the status quo.
Sunil Furde, Credai national vice-president, stated that the rates should remain unchanged and expressed hope that the government will consider this proposal. Developers believe that keeping the RR rates unchanged will help achieve the government’s revenue target. Homebuyers also support the idea of maintaining the current RR rates. R. Rao, a senior citizen, stated that the rates in Maharashtra are already high and expressed his belief that they are likely to remain unchanged during the election period. Anuj Puri, Chairman of Anarock group, suggested that the government should consider a status quo on the RR rates. He suggested that this move would boost the housing market and maintain the current momentum. Property registrations in Maharashtra are expected to exceed 30 lakh by the end of the fiscal year. As of the first week of February, more than 23 lakh property registrations had already taken place. In the previous fiscal year (2022-23), a total of 25 lakh documents were registered.
In conclusion, the state of Maharashtra may need approval from the Election Commission of India to announce the ready reckoner rates in Pune on April 1. Developers and homebuyers have suggested that the rates should remain unchanged during the election period, citing the already high rates in Maharashtra. The decision on whether to revise the RR rates or keep them the same will be taken by the state government.
