Maharashtra: No Hike in Ready Reckoner Rates Amid Global Crisis

Maharashtra Revenue Minister Chandrashekhar Bawankule declared on Wednesday that the state government has decided against a proposed 12 to 14 percent rise in ready reckoner rates for the year. This decision comes in light of the ongoing crisis in West Asia and the resultant global conditions.

Generally, the Inspector General of Registration submits an annual proposal advocating an increase in these rates, which are used to calculate registration fees and stamp duties on property transactions. Bawankule emphasized that freezing these rates is in the public's best interest given the current international climate.

Additionally, micro-zoning will be implemented in cities like Mumbai and Pune, allowing property rates to reflect localized amenities rather than a uniform rate. The minister further mentioned advancements like the 'Version 2' software to expedite land measurement and reduce associated costs significantly.