Real estate slowdown hits Maharashtra’s economy
Ready reckoner (RR) rates are market values of properties, which are determined by the government for payment of stamp duty. (Source: Express photo by Jaipal Singh/Representational)
With real estate prices dropping in Maharashtra’s cities, the Maharashtra government on Saturday decided not to increase the government-fixed circle rates, also known as ready reckoner values, for properties across the state. This would be the first time since December 2009 when the annual guidance values for properties in Maharashtra have not seen an upward revision.
Ready reckoner (RR) rates are market values of properties, which are determined by the government for payment of stamp duty. These rates- published annually- also impact the construction cost of a real estate project, since several premiums and charges collected by the municipality and the government are linked to the ready reckoner values.
Credit: indianexpress.com