'Increased ready reckoner rate to impact housing demand'

Maharashtra government's decision to increase the ready reckoner (RR) rates in the city will impact the housing demand as it will raise stamp duty, according to real estate consultancy firm Jone Lang LaSalle (JLL).

The state government has recently hiked RR rates for both residential and commercial properties in the city, ranging from 5-30 per cent, with effect from January 1. RR is used to calculate the market value of a property for stamp duty and registration charges.

Therefore, any escalation in them results in higher stamp duty. "The increase in Ready Reckoner rates will definitely have an impact on housing sales as this increases stamp duty. This will hold true for both primary and secondary sales," JLL Managing Director-West Ramesh Nair said in a statement.