Ready reckoner rates up 8.15% on average in Pune district, 10.15% in newly merged villages

The state government recently announced new ready reckoner (RR) rates for the financial year 2022-23, with the increase for the 23 newly merged villages in the Pune civic limits pegged at 10.15%. In comparison, the RR rate rise in the old parts of the city is 6.12%, which is just half of the 12.36% rise announced for areas in Pimpri Chinchwad – the highest increase in Pune district.

On an average, the RR rates will go up by 8.15% in the district, which is again the highest in the state, closely followed by Thane (7.67%) and Amravati (7.23%). The RR rate was last announced in 2020 and it was kept unchanged last year due to the Covid-19 pandemic.

Developers’ associations were taken aback by the RR rate hike, saying it comes at a time when the realty sector is struggling with an almost 40% hike in input material costs. They said the hike and the additional 1% metro cess on stamp duty will hit the sector badly. Even premiums, TDR and FSI rates will be increased now, they added.

The RR rates have gone up by 11.3% in the rural parts of the district while the influential zones registered a 3.9% rise, followed by the nagar parishad and panchayat areas (3.62%). In Mumbai city, the increase has been mere 0.84%. For the Mumbai suburban parts, the hike is 3.83% – averaging only a 2.34% increase which is less than the state’s average increase of 5%. The new rates will come into effect from April 1.

The RR rate is the standard value of real estate property, regulated and assessed by the state government every year. Property buyers are expected to pay stamp duty or a registration fee not below the RR rates fixed by the state government or the actual price of the property whichever is higher. The state revenue collection from properties for the 2021-22 financial year touched Rs 33,418.22 crore till March 30.