“The committee will review the areas and present us with the correct rates and accordingly, a decision will be taken,” Kadam told Newsline. Former MCHI president Niranjan Hiranandani said there has been a dip in rates, of 10-40 per cent, in most areas of the state. “However, the Revenue Department has not addressed this issue in the ready reckoner. It has presented the previous year’s list which actually show the rates up by nearly 30 per cent.”

As per the present rates, an individual will cough up more tax than what he is actually expected to. Hiranandani said the government has not done anything to give the correct stamp duty rates as it continues to be on the higher side. “Unless the correct list is put up, it is a big loss to citizens.”