Maharashtra mulls minimum 5% rise in ready recknor rates from April 1

May further dampen the property sales in the current sluggish realty market

The BJP-led government in Maharashtra proposes 5% increase ready recknor (RR) rates from April 1 for 2017-18. A revenue department officer, who did not want to be named, told Business Standard,'' The government has received representations demanding no hefty rise in RR rates citing the slump in the realty sector. The issue was discussed on Wednesday at the meeting chaired by chief minister Devendra Fadnavis. RR is primarily used to calculate market value of flats for the Stamp Duty and Registration charges which are major source of revenue for the state government after sales tax and value added tax. Based