The number of properties registered was nearly twice as high as the daily registration the day before the release of the new RR rate. Officials in charge of property registration claimed that people are registering their properties at the last minute to escape the new Ready reckoner prices that will take effect on April 1.
According to information provided by the agency, 18,538 properties were listed throughout the state on Tuesday, and 20,009 properties were registered on Wednesday. The average number of properties registered each day is between 8,000 and 9,000.
“In the final week of March, it is a typical pattern. During this period, registration offices typically see a rush “an official declared.
High-value property registrations, meantime, have assisted the state in exceeding its tax collection goal of Rs. 40,000 crores for this fiscal year. Rs 41,965.2 cr had been received as revenue as of Wednesday. According to the officials, the collection is anticipated to surpass Rs 42,000 crore by March 31.
They noted that although Thursday was a public holiday and only a few important offices were open, Friday is anticipated to see the biggest number of registrations.
According to Sunil Furde, the president of State Credai, residents anticipate an increase in the RR rate. As a result, there has been a hurry among homeowners over the previous two to three days to register their properties before the Ready Reckoner announcement. He remarked, “Although we have asked the state government to maintain the RR prices, we are unsure if our demand will be granted”.
The annual statement of rates (ASR; another name for RR rates) for residential properties have increased dramatically over the last eight years, however, the Credai statement to the state government said that this does not accurately reflect the health of the market.
During the past eight years, the ASR has been raised by more than 50% while prices have remained relatively stable. The letter stated that it was crucial to control this inflationary increase each year.
