Roll back hike in RR rates: Credai
Jan 10, 2014
Source : The Times of India
NASHIK: The Confederation of Real Estate Developers' Association of India (CREDAI) on Thursday urged the state government to roll back the hike in the ready reckoner (RR) rates.

A delegation of the association from Nashik met S Chockalingam, the inspector general of registration and controller of stamps of Maharashtra, in Pune and urged him to roll back the hike in the RR rates. Chockalingam in turn assured the delegation of conveying their demand to the state government.

Meanwhile, a meeting of the state government over the curent hike in RR rates will be held on Friday in Pune. The meeting, which is to be chaired by state revenue minister Balasaheb Thorat, will be attended by additional chief secretary (revenue department) Swadheen Kshatriya, Chockalingam and the delegates from CREDAI.

The state government revises the RR rates every year on January 1. This year too, it has increased the rates of land, residential and commercial properties in the range of 1.62% - 48.93% in different parts of the city.

Speaking to TOI, president of CREDAI, Nashik, Kiran Chavan said, "We had positive interactions with Chockalingam and we are again meeting state revenue minister Thorat and additional chief secretary of revenue department Kshatriya in a meeting on Friday."

"The hike in plot rates is up to 40%. Besides, an additional 40 % valuation is added for uploading the transfer of development rights (TDR), which means that the land prices have almost doubled. The plot, which cost Rs 10,000 per sq m earlier, would now cost Rs 18,000 per sq m. The real estate sector is already facing recession for the past two years. Deals in plots and properties have already stopped due to recession. The present hike in the RR rates will badly affect the growth of the real estate sector. The property prices have already gone beyond purchasing capacity of the middle class people. With the steep hike in the RR rates, the situation has worsened. The state government's policy of affordable housing will also get affected."

As per the revised RR rates effective from January 1, the increase in land or plot rates has been in the range of 10% to 48.93%, while the rates of residential properties like flats and row houses have been increased by 18.04% to 34.36%. The increase in rates for commercial properties like shops and offices has been in the range of 1.62% - 30.5%.


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