Pune Builders Appeal Maharashtra State Government not to increase ready reckoner rates this year

Pune real estate
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Pune, 17th February 2022: CREDAI Pune Metro, an apex body of real estate developers has urged the State Government not to increase the ready reckoner rates this year.

Anil Pharande, President, CREDAI Pune Metro said, “The real estate industry is still trying to recover from the pandemic induced slow down. In such a situation it would not be advisable to increase the ready reckoner (RR) rates. Construction cost has increased by about 25% in the last 18 months. Increase in RR will further add to the price  and homes which will become costlier and this will have adverse impact on home buyers. We hear that metro cess will also be reinstated for 1-1.5%.  this will directly impact the total outgoing of customers.”

“We urge the State Government to maintain the Ready Reckoner reckoner prices at least for another year. In fact at many places the RR rates are much higher than market rates & need immediate review & correction. Also, an increase in RR rates will increase the premiums and houses will be expensive. Many developers in the affordable housing sector are selling below RR. So far 20% was permitted as a covid relief for transactions below RR price. Now that concession has also been withdrawn, houses will be expensive also in the affordable segment “, he added.

Necessary and timely action by the State Govt will not only help the real estate industry, which significantly contributes in direct and indirect job generation but will also benefit the common home buyer particularly in the affordable segment.