Builders request Maharashtra government not to raise RR rates, expect boosters
Developers in Maharashtra want the state government to keep the Ready Reckoner rates unchanged and help them tide over the slowdown in the past years, particularly after the Covid-19 outbreak.
The property registration department has started discussions on the division-wise revision of the Ready Reckoner (RR) rates, which are announced in April every year. There was no revision in the rates due to the pandemic last year. There was a slight increase (1.74%) in the rates announced in September 2020.
State President of Confederation of Real Estate Developers Association of India (Credai) Sunil Furde on January 27 told TOI that the Maharashtra real estate sector was sluggish since the past few years and the pandemic further affected business.
“The real estate sector is a major contributor to the country’s GDP and an important employment provider, supporting around 200 ancillary industries. The state should not increase the RR. In fact, the state should reduce the stamp duty for a limited period, as done last year, to help the sector revive,” he said.
The developers said the Karnataka government had reduced the stamp duty by 2% on flats below Rs45 lakh. “ Maharashtra should not increase the RR rates. We have urged the state to reduce the stamp duty by 50% on flats under Rs75 lakh,” Furde said.
The developers are expecting some sops in the coming Budget session and have requested the Centre to control the cost of raw material, provide input tax credit on GST and raise funds availability.
Nisha Nambiar, TNN, Pune
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