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Property buyers in Mumbai will have to pay more stamp and registration charges, as the Maharashtra government has increased ready reckoner (RR) rates for residential and commercial properties from Wednesday.
Of the total 737 zones in Greater Mumbai, RR rates have been raised 10 to 20 per cent in 711 zones and over 20 per cent in the rest. The rise in other parts of Maharashtra would be in the range of 10 to 40 per cent. The revised RR rates would be effective from Wednesday, said a state revenue ministry official.
RR is an annual statement of rates on which the registration department collects the stamp duty from buyers. Based on the revised RR rates, the buyers would also have to pay higher value added tax, service tax and 50 per cent increased stamp duty.
Business Standard had on December 16 reported that the state government was mulling over a 10-25 per cent increase in RR rates. The government overlooked the opposition of Congress legislators and realty players.
