Real estate body CREDAI bats for revision of ready reckoner rates once in 3 years

Realty players’ body CREDAI (Maharashtra) has urged the state government to revise ready reckoner (RR) rates once in three years instead of annually. Besides, it has said that the RR rates of each property need to be fixed by putting in place scientific micro-mechanism instead of ad-hoc basis.
RR is a guide published annually by the state government and it determines the rate of property in a particular area on which the stamp duty and registration charges are levied. Key factors which fix RR rates consist of stamp duty registrations, sales data, local surveys and major property transactions conducted in the year
CREDAI (Maharashtra) has recently dashed off a letter to the state government at a time when the district collectors and officials from the stamp and registration department have started interaction with various stakeholders on the determination of RR rates to be effective from April 1.
CREDAI (Maharashtra) president Shantilal Kataria brought to the government’s notice that the real estate sector is going through a difficult phase due to the implementation of Real Estate (Development & Regulation) Act, high GST, financial reforms, NBFC crisis and market demand-supply situation. ”Therefore this time question of an increase in RR rates does not arise at all. The government can’t do artificial increase. In fact, we are demanding not only to keep RR rates as it is but to reduce them. The government should do away with average rate system and consider RR rates in a three year only,” he said.
Kataria said that rise in RR rates not only increase the stamp duty but also premium, labour cess, levies and other taxes. He demanded that the adjudication system should be more fast, transparent and with proper powers to the authorities.