Rajan Bandelkar, President, NAREDCO West & Convener, Housingforall.com said, “The Government had recently taken a bold decision of stamp duty reduction. Earlier the ready reckoner rates were very high, now the Government has made a marginal upward revision in locations where the rates were low and reduced the rates where they were high which has made it more balanced. This is a welcome move in favor of the customers.”
Anuj Puri, Chairman – ANAROCK Property Consultants, has to say, “Increasing the RR rates after reducing the stamp duty in most areas of Maharashtra while Mumbai saw too marginal a decrease comes as a surprise, to say the least. Bringing down the RR rate considerably at this juncture was something that everybody was looking forward to as it would have given some room to developers to bring down the prices. Today in most of the micro-markets, the RR rate is almost equal to the ongoing sales price, and buyers as well as sellers have to pay tax if sales happen below the RR rate. This has been the limitation cited by developers to bring down prices, and an increase of RR rates further limits the room for them to bring down the price, while too marginal a reduction makes no difference at all.”
Anuj KhetanDirector, Vijay Khetan Group expressed his opinion, “It’s being perceived that the ready reckoner rates have been increased in the State. But in reality, in the government’s view, they have rationalized the rates across the city. The rates have been slashed in few areas whereas it’s been hiked in some, therefore it’s not a direct surge in the rates. Nonetheless, it’s not the right time to do this exercise when the industry’s balance sheet is under severe stress and the country is reeling under this horrific pandemic.”
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2014 The Global Indian New Network (TGINN)