Mumbai: The cost of property in the state of Maharashtra may rise this new year as the government of Maharashtra is planning to increase the ready reckoner (RR) rates for properties between 5% and 30%. The rates will vary according to the size of the property and more importantly the location in the state. This is a negative sign for the residential market which is already dull because the prices are extraordinarily heavy.Ready Reckoner rate is the foundation of the stamp duty and registration cost and if it pulls up there would be an excessive baggage that would become a burden for the investor/user.Paras Gundecha, the president of realtor’s body, MCHI-CREDAI reacted that “It’s not a good move. Industry is already going through a bad patch and we were seeking support from the government. Increase in costs will be passed on to consumers leading to higher property prices and sales volume is expected to take a hit.”In 2011-12, Maharashtra government collected over Rs 14,000 crore as stamp duty from the purchase and sale of property, while in 2010-11 the figure was about Rs 13,400 crore. The increase in RR rates is implemented from January 1, but it is likely to be issued in the first week of January this year. Revenue ministry officials confirmed that the state has received requests from various organisations representing developers that the RR rate should not be increased this year as the market was mostly motionless.The State’s policy is to generate at least 10% more revenues from stamp duty than last year. This indeed is a move to increase the funds. But eyeing the current status of the market, idea of the Maharashtra government doesn’t seem to be buyer-friendly.