Pune: The State government has decided to include the valuation guidelines used for determining Annual Statement of Rates, commonly known as Ready Reckoner Rate in Bombay Stamp (Determination of True Market Value of Property) Rules, 1995.
This move is aimed at bringing more clarity in the valuation of property as per Ready Reckoner Rates. The government revises these guidelines time to time. This decision was taken during a cabinet meeting held in Mumbai on Monday.
Sources from the Registration and Stamps Department said that with this change, valuation guidelines which are used to determine RR Rate, will be more specific. The sources added that the guidelines for determination of rate change on the basis of the location of property, its frontage to the road, area and size of the property. He added that the valuation guidelines need to be read with Annual Statement of Rate.
As per the provisions of Bombay Stamp (Determination of True Market Value of Property) Rules, 1995, Annual Statement of Rates is declared by Inspector General of Registration and Controller of Stamps Department (IGR), as per the guidelines and on the basis of data of sale deeds made available from Deputy Registrar’s office.
Hence, it was decided to give legal sanctity to guidelines. As per section 69 of Maharashtra Stamp Duty Act, F Section will be added in Bombay Stamp (Determination of True Market Value of Property) Rules, 1995 in the sub-section 1 of Rule Number 2, and the additions will be in Rule Number 4(2), 4(3), 4(4), 4(4) and 4(5) and 4(6). The Cabinet ruled to cancel the prerequisite demanding previous publication of guidelines beforehand, as per sub-section 3 of section 69 of Maharashtra Stamps Act.