Government Introduces Micro Zoning in Mumbai to Address Disparities in Ready Reckoner Rates

The government in Mumbai has announced the introduction of 'micro zoning' to address economic disparities in property rates across different areas. This decision comes after discrepancies were noted in Ready Reckoner (RR) rates, where low-end properties were paying the same rates as high-end properties, leading to skewed stamp duty charges. With 'micro zoning,' the government aims to adopt a scientific method for calculating RR rates based on geographic information to ensure fair and accurate rates for all properties. The move was welcomed by industry bodies, urging for a more dynamic approach to rate revision based on market sentiments and regional demand. Stay tuned for more updates on this development.