Maharashtra Credai urges government to keep RR rates unchanged
The appeal comes even as district meetings of local representatives are on in the state for suggestions on RR rates. The state kept the rates unchanged in the last two years.
PUNE: The Confederation of Real Estate Development Association of India (Credai) has urged the state government to keep ready reckoner (RR) rates unchanged for the next financial year and reduce the prevailing high rates in some areas.
The appeal comes even as district meetings of local representatives are on in the state for suggestions on RR rates. The state kept the rates unchanged in the last two years.
Ready Reckoner (RR) rates are assessments of property value by the state government, on the basis of which stamp duty and registration charges are paid. The government usually revises these rates every year at the start of the financial year on April 1.
State Credai president Rajiv Parikh told TOI, “We have demanded that there should be reduction of rates in most parts of the states as lowering the rates will automatically attract buyers for registration of units. This will help government in getting substantial revenue.”
Credai also requested the government to change RR rates once in every three years. The body has sought drastic and factual changes in the footnotes (guidelines) in RR books, which are useful in calculating stamp duty.
Meanwhile, town planning department officials said they were hearing the suggestions made by local representatives, which will be sent to the registration department.
Property analyst Niranjan Kelshikar, who has been studying the realty sector in the state, said the rise in RR rates will adversely affect the registration and revenue collection in the state. “If government is for revenue rise, small rise in stamp duty of about 1% can bring about 10-15% rise in revenue. However, it should be done only after detailed assessment,’’ he said.
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Source: realty.economictimes.indiatimes.com
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