State Plans 10% Hike in RR Rates, Public Consultation to Begin Soon
The state revenue department will provide residents with an eight-day window to review and submit feedback on the draft ready reckoner (RR) rates, which will be uploaded online across all eight revenue divisions. During this period, the department will accept suggestions and conduct hearings before finalizing the rates. Currently, district-wise data is being consolidated and is expected to be available by the end of February. Preliminary proposals indicate an estimated 10% increase in RR rates statewide, driven by factors such as annual property registrations and infrastructure development. The state government, aiming to generate an additional ₹15,000 crore through increased RR rates, expects to collect ₹55,000 crore from stamp duty this financial year. Officials argue that the hike is necessary, as rates have not been revised for three years, but developers warn that it may push up flat prices and lead to unsold inventory.
The implementation of the new RR rates could face delays as public consultations and hearings will be held before the final announcement. A senior official confirmed that the final implementation date will be determined after considering public feedback. Given the government’s financial needs for various welfare schemes, the hike is seen as a revenue-boosting measure, but stakeholders in the real estate sector have expressed concerns over its potential impact on property prices and market stability. Developers have urged the government to focus on tackling corruption and inefficiencies instead of increasing property rates.
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