The government to increase ready reckoner rates by an average 7%, effective from 1st April, 2016 which means buying and developing properties in Mumbai and rest of Maharashtra is set to become costlier. The stamp duty on property transactions, calculated on the basis of RR rates, would go up as a result. Revenue minister Eknath Khadse made the announcement in the legislative assembly. Ready reckoner (RR) rates are market values of a property determined by the government for payment of stamp duty.
Read more: DNA India
