Maharashtra government circle rates by 1.74%

Real estate experts said increasing the reckoner rates, 1 bhk flat for sale in kharghar also referred to as circle rates, after reducing the stamp tax in most areas of Maharashtra comes as a surprise and is predicted to possess an adverse impact on the realty market

Days after the Maharashtra government decided to temporarily reduce stamp tax on housing units from 5 percent to 2 percent until New Year’s Eve , 2020, it’s now decided to hike the reckoner (RR) rates within the state by around 1.74 percent, sources said.

stamp duty in maharashtra

“The reckoner rates are hiked by 1.74 percent,” they said, adding that the new rates are going to be applicable from September 12.

Ready reckoner rates, also referred to as circle rates or guidance values, 1 bhk flat in kharghar are the minimum values set by a government below which a property can’t be registered. Each area within a city has its own RR rate on which stamp tax is calculated.

Ready reckoner rates are increased within the state after over two years.

Real estate experts said increasing the RR rates after reducing the stamp tax in most areas of Maharashtra while Mumbai saw too marginal a decrease comes as a surprise and is predicted to possess an adverse impact on the realty market.

“While the whole land industry was expecting a discount within the reckoner rates, 1 bhk flat in kharghar for sale the Maharashtra government has increased them which can cause a cascading affect of accelerating approval costs. Also, property sales in primary also as secondary markets within the areas where RR rates are above market rates will hamper thanks to tax levied on both buyers and sellers u/s 43CA. This move is sure to have an adverse impact on the amount of latest project launches and puts the viability of ongoing projects under question,” said Deepak Goradia, president, CREDAI-MCHI.

“It is surprising, 1 bhk flats on sale in kharghar that during a scenario where the suggestion, ‘reduce price of residential real estate’ has been covered by media – be it Deepak Parekh, Nitin Gadkari or Piyush Goel – the government has instead opted to reinforce the RR value. tax provisions mean a developer cannot sell at a price point less than the RR rate, because it translates into taxation burden for both, buyer and seller,” said Niranjan Hiranandani, president (national) NAREDCO and Assocham.

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In this situation, 1 bhk flat on sale in kharghar the expectation was that the government would scale back the worth , instead, it’s chosen to extend an equivalent . New projects are going to be impacted too, because the RR value will govern all levies, duties and taxes payable by a developer. One hopes the authorities will consider this and take necessary steps, he added.

“Bringing down the RR rate considerably at this juncture was something that everyone was looking forward to because it would have given some room to developers to bring down the costs . 1 bhk on sale in kharghar near station today in most of the micro-markets, the RR rate is nearly adequate to the continued sales price and buyers also as sellers need to pay tax if sales happen below the RR rate. This has been the limitation cited by developers to bring down prices, and a rise of RR rates further limits the space for them to bring down the worth while too marginal a discount makes no difference in the least ,” said Anuj Puri, chairman, ANAROCK Property Consultants.

To boost the stagnant land market hit by the COVID-19 pandemic, the Maharashtra government had on August 26 decided to temporarily reduce stamp tax on housing units from 5 percent to 2 percent until New Year’s Eve , 2020. stamp tax from Jan 1, 2021, until March 31, 2021, are going to be 3 percent, they said.

The Maharashtra government on March 6 had announced that it’s reducing stamp tax on properties by 1% for Mumbai, MMRDA Region and Pune for a period of two years.

 

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