CREDAI-Maha welcomes ‘No Change’ in Ready Reckoner Rates

Pune – CREDAI Maharashtra has thanked Chief Minister Devendra Fadnavis, Revenue Minister Chandrakant dada Patil and Maharashtra Government for not changing the Ready Reckoner rates for the financial year of 2018-19. The decision will help the various schemes floated by Center and State governments for promoting the affordable housing, said CREDAI Maharashtra in a statement.

Every year, these rates are increased by the state government. However, looking at the present scenario in real estate market, the state government has decided not to change the RR rates this year. Hence, the last year’s rate will remain continued this year. The state revenue department has issued an order for this matter.

“The Maharashtra government, for the first time in eight years, has not changed the indicative prices of properties in the Ready Reckoner which is used by the government to charge stamp duty on property transactions. It is a very realistic, practical decision in the interest of public at large & real estate industry,” said Shantilal Kataria CREDAI Maharashtra President in a statement issued to congratulate and thank the government for the move.

“We urge Govt. to work out clear, transparent, scientific, micro-process mechanism for working out true Ready Reckoner rates of transactions. Now with new provision incorporated by way of amendment in Stamp act, Government can even reduce the Ready Reckoner rates. They should search such transactions were Ready Reckoner rates are still unnecessarily more than real transactions & reduce the same by applying new provisions of act. We also urge govt. to change the Ready Reckoner rates once in a three year only to further increase stability and boost confidence amongst the property buyers”.

While adding that the decision was helpful for affordable housing, the CREDAI-Maharashtra promised to try their best to provide more & more affordable homes in state at reasonable rates.