Even after the state government decided that the ready reckoner rates or the real estate circle rates won't be increased for the financial year, developers and realtors are unhappy. They were expecting it to be reduced by 20-25 per cent. The demand is because there has been no property price increase.
Mayur Shah, President, CREDAI-MCHI said, "At CREDAI-MCHI, we were expecting reduction in Ready Reckoner rates, land and sale rates to be 20 to 25 per cent . As Ready Reckoner was increased for the last three years while actual prices have not increased. So, CREDAI-MCHI had given representation to reduce prices as done in other states and cities so that more transactions can be done."
The government this year decided that the ready reckoner rates for the financial year 2018-19 shall not be increased and hence the ready reckoner rates from April 1, shall remain the same as it was for year 2017-18. The reason cited by the government is the slowdown in the realty sector.
Prakash Rohira, a realtor from Bandra said, "The government should have decreased the rate, there are may additional taxes too that a home buyer has to pay, which adds to the premium of a home buyer and hence, it should either abolish stamp duty or the other taxes that indirectly burden the home buyer."
The developers body had made several representation to the government asking them to not increase the ready reckoner prices for this year.
MULTIPLE REQUESTS
The developers body had made several representation to the government asking them to not increase the ready reckoner prices for this year but the government ignored their requests.
