The Property Registry Department has begun discussions about the divisional review of the Ready Reckoner (RR) rates, which are announced in April of each year. There were no rate revisions due to the pandemic last year. There was a slight increase (1.74%) in advertised rates in September 2020.
State Chairman of the Confederation of Real Estate Developers Associations of India (Credai), Sunil Furde, told TOI on Thursday that Maharashtra’s real estate sector has been sluggish for a few years and the pandemic is affecting business more.
“The real estate sector is a major contributor to the country’s GDP and an important provider of employment, 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, like last year, to help the sector recover,” he said.
The developers said the Karnataka government has reduced the 2% stamp duty on apartments below Rs45 lakh. “Maharashtra should not increase RR rates. We have urged the state to reduce the 50% stamp duty on flats under Rs75 lakh,” Furde said.
The developers expect concessions in the next budget session and have asked the Center to control the cost of raw materials, provide an input tax credit on the GST and raise funds.