PUNE: Land use changes in the past two years, boundary modifications from rural to urban areas, sale transactions in all zones and alterations in the development control rules will be reflected in this year’s “rationalized” Ready Reckoner (RR) rates expected to be announced on April 1.

The RR rates are assessments of property value by the state government, on the basis of which stamp duty and registration charges are paid and properties valued. The government usually revises the rates every year.

“There are several instances of changes in land use. For instance, some agriculture zones have become residential in nature, leading to increased land transactions. Many areas been merged in the corporation limits as well. All this will be reflected in the RR rates this time,” a revenue department official said.

The state has been divided into four regions — rural, influential (peri-urban areas peripheral to urban areas), municipal council and municipal corporation areas — to compile the RR rates. “The valuation this time will be done rationally and at the micro level,” an official privy to the process said.

Last week, deputy chief minister and finance minister Ajit Pawar held a meeting with the registration department and told its officials to ready the rates in a rationalized way for both the urban and rural zones through a zone-wise analysis.

A release issued after the meeting stated that the new government has sought streamlining of the RR rates without increasing stamp duty. The aim is to improve revenue from the registration of property sale. This year, the department’s revenue target is Rs 27,000 crore. With a deficit of Rs 43,000 crore, Pawar said a separate team would be set up to study the market rate of properties and prepare the RR rates.

Officials in the revenue department it would have to ready the entire chart by the end of February for the rates to be declared on April 1.

An official said it was too early to state if the new government would like to maintain a status quo on this year’s rates or announce any change.

The state had in 2017-18 increased the RR rates by 3.9% and kept it unchanged in 2018-19 and 2019-20.

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Source: realty.economictimes.indiatimes.com

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