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Wednesday, July 24, 2024

Property registration in Maharashtra to continue through the weekend

Prospective property buyers in Maharashtra will have the opportunity to finalize their transactions by paying reduced stamp duty rates until the last moment, just before the state government updates the ready reckoner rates starting April 1. Despite Good Friday being a public holiday, registrar offices across the state remained operational on Friday. They will also be open for business on Saturday, March 30, and Sunday, March 31, to accommodate property registration.

The ready reckoner rates, pivotal for determining stamp duty calculations, undergo revision every April 1. These rates serve as a benchmark for evaluating the commercial or residential property’s market value in a specific locality, setting the minimum price for stamp duty payment.

For instance, if a property sells for ₹10 lakh but the ready reckoner rate for that area is ₹15 lakh, the stamp duty is calculated based on the latter figure. These rates are typically set per square meter and are officially disclosed only on April 1.

While there have been instances of no rate adjustments, the final decision is unveiled only at the start of the fiscal year. Nevertheless, there’s always a possibility of revision, as indicated by sources within the department.

Rate modifications are determined based on field office reports from across the state, with the objective of aligning rates with market realities.

Sometimes, despite higher market rates, official valuations remain lower, resulting in revenue loss for the government, according to insiders. The Department of Registration and Stamps in Nagpur city aims to collect ₹1,500 crore in duties, as stated by an official.

Builder Tejindersingh Renu remarked that the continued operation of registrar offices will benefit buyers and streamline operations. Often, buyers delay registration until the last minute, even though deals have been finalized earlier.

For transactions stuck at prices below the ready reckoner rates, buyers can opt to pay stamp duty at the current rates before any potential revisions, Renu added.

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