Property in Maharashtra to cost more with new ready reckoner

Maharashtra government today increased the market value of real estate by 10-20 per cent in its Ready Reckoner 2010

The ready reckoner is a guide for the market price of residential and commercial properties, based on which stamp duty and registration fee for their sale and purchase are calculated.

Under the revised rates, a land owner would have to pay more stamp duty because his land got more expensive; the developer would raise the sale price of his finished property since his land acquisition cost got higher; and a retail buyer would have to cough up more for property, stamp duty and registration fee.

This is likely to have its rippling effect on redevelopment of old, dilapidated buildings in Mumbai and surrounding Tier II cities, too.

“The state government expects to mobilise Rs 5,075 crore through stamp duty and registration fee by the end of 2009-10,” a senior state government official, who did not want to be quoted, said, justifying the rate revision.

To read more, please, visit Busniess Standard

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