Mumbai stamp duty officials admit faulty figures of RR rates
The stamp duty officials in Mumbai have admitted to the errors about ready reckoner (RR) rates that were announced recently.
It was noticed after a national daily published about RR rates being hiked by 1000 % in some parts of Western suburbs in Mumbai.
Now, after the correction, the prices have been appropriately hiked from 5 percent to 20 percent similar to the other parts of the city.
However, deputy director in the town planning and valuation department has said that the original RR report that has been released is not possible to take back but the new one will be amended after issuing a corrigenda and will be showed in the RR that the department uploads online.
The previous one had many mistakes like the amount was wrongly entered, typographical errors with an additional digit added to the original amount and many more.
Furthermore, the real estate experts said that the hike in RR rates will discourage people from buying flats and agreement value of flats in Mumbai will be fudged.
There are others who suggest that the government should rethink about the RR rates which are so high. A flat which is priced at Rs 6,000 per sqft is now sold at Rs 8,000 per sqft and as many buyers are dependent on home loans, buyers also insist on making the agreement value at Rs 8,000.
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