The builders fraternity, which has been up in arms against the hike in ready reckoner (RR) rates as well as the guidelines in valuation that comes along with it, can now rejoice. Revenue Minister Balasaheb Thorat has indicated a review of this year’s valuation notes. While the ready reckoner rates will remain the same as announced on January 1, the minister has said the builders can follow the valuation notes of last year. These notes come as separate guidelines with the RR. At a meeting addressing all stakeholders in the city late Friday night, he said though the builders would have to follow the valuation rules of last year, the ready reckoner rates would continue to remain same as was announced on January 1. The ready reckoner rates have guidelines attached to them which have two annexures, which mention valuation rules as well as construction rates. The builders were protesting because since the RR was high, the valuation rules too were equally high and they would in turn have to pass them on to the buyer. The minister has stayed these rules and said they would be modified after discussion with all stakeholders. “This was the first discussion. The minister has assured us that the valuation rates will be changed post discussion,’’ said a senior government official who was part of the discussion. While the RR cannot be changed as mentioned under Section 31 of the Maharashtra Stamp Act — changing them will involve a legal process — the guideline values which can be issued any time was contested by the builders. They had contended that the lands with more Transferable Development Right (TDR) value saw higher rates than those with less potential of TDR. The builders’ fraternity had met the chief minister and Balasaheb Thorat in this regard and the revenue minister conducted the first meeting on Friday. Government officials who attended the meeting said the minister had asked the builders to follow the valuation rules of 2013 under Annexure 1 and charge the buyer accordingly. Builders, on their part, had maintained that the new rates were too high. The state government had hiked property prices in major cities and Credai chairman Lalitkumar Jain had said the move would harm the industry in particular and the state in general. He had said there was no synchronisation in the decision-making of the government. The state had increased the RR rates for residential and commercial properties in Mumbai, Pune, Thane and Navi Mumbai municipal areas to the tune of 5-30 percent, with the average hike being 20 per cent. Pune builders said the minister had stayed the valuation notes but not the entire increase. “Even as the base rate stays, which again stands for discussion, the notes being taken up for discussion is bound to give relief to home buyers,’’ said a builder.
