Registration and stamp duty department announced new rates for Ready Reckoner for 2017-18 on Saturday. According to which the rate of Ready Reckoner has been increased by 4% in Mumbai.
Registration and stamp department, senior officer Sudhakar Nangannur while speaking to Mumbai Live said the increase in the rate of Ready Reckoner in the state by 6 percent. These rates have come into effect from Saturday 1 April 2017. On the other hand, by implementing GST.
To compensate the financial loss, the Mumbai Municipal Corporation has proposed a one percent surcharge on stamp duty. After approval, the dream home in Mumbai will be expensive.
Member of Builders Association of India, Anand Gupta, expressed displeasure over the increase, he said that the recession in real estate last year was stable, despite the market stable, despite the fact that its Ready Reckoner rate was increased by four per cent.
What is Ready Reckoner?
Home purchase-sale is charged by the government for stamp duty of 5 per cent. To determine the stamp duty every year, the market is analysed by the government on the basis of which the Ready Reckoner is determined.