The government revises the Ready Reckoner rates every April 1. The rates are already under the radar of real estate agents and ordinary citizens; as to whether or not the rates will rise or fall this year. The property market was greatly impacted the previous year, as a result of demonetisation, a sub-committee of ministers has suggested no increase in the Ready Reckoner rates this year. However, according to sources, the rates might go up by 3-5 per cent.
As per the Stamp Duty and registration department officials, the Ready Reckoner rates will increase by 3-5 per cent for the year 2018-19. This move will directly affect ordinary citizens in the form of an extra taxation and is also estimated to shake the builders, as it means less liability for new home buyers.
Ready Reckoner rates are assessments of property values by the state government, on the basis of which stamp duty and registration charges are paid. Stamp duty ranges from 3-10 per cent depending on the slab decided by the state government. According to the market price, 5 percent of the Stamp Duty is regarded as Ready Reckoner.
The government used to announce Ready Reckoner rates on January 1. However, the trend has shifted to April 1 since two years.
Anand Gupta, the builder of the Association of India's Builders, does not approve of the increment. According to Gupta, the property market has been in a state of recession due to the introduction of GST, RERA and Demonetisation, last year. If the Ready reckoner rates continue to rise, it will be very disadvantageous for the property and real estate sector. He expressed hope that there may be no increase in the rates this year.
Besides Gupta, many organisations working in the Builders Association of India and construction sector demanded that no increase in the rate of Ready Reckoner should be made.
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