Ready Reckoner rate is assessments of property value by the state government on stamp duty & registration charges. Real estate being one of the most expensive markets. Every year the RR rate is increased citing the condition of the market.
In the year 2016 the implementation of RR was delayed due to sluggish market of real estate. But, finally, the rates are out; from April 2016 the increase in the RR is 7-8 % on average. The rates are increased by 4% in Navi Mumbai & 6% in Pune. Every year the increase in RR is in double digit. In 2014 rate were hiked 22% & prior to that rate were hiked 27%.
So, what does this mean?
With the increase in RR, home buyer will now have to shed extra bugs for stamp duty depending upon the location were he/she is buying the home in Maharashtra. Not only this there are few factors which are directly affected by an increase in RR these are a premium for FSI & development charges. If all these prices are affected it is expected that cost of a home will rise. Usually, developer passes all these rates to the consumer which in result will increase the amount paid by the consumer.
However, as of now registration charges are kept same which is a good news for the new home buyer.