Credai-Pune Metro on Saturday protested against the state government’s decision to increase the ready reckoner (RR) rates, claiming it would impact the real estate sector negatively.
Suhas Merchant, president of CREDAI-Pune Metro, in a statement issued on Saturday, said the move will nullify the concession given in the stamp duty rates by the state government earlier this month.
The sector, Merchant said, was facing strong headwinds for the last three-four years and the ongoing Covid-19 pandemic has worsened the situation. All activities related to the sector had come to a grinding halt for over 120 days.
Given the importance of the sector and its contribution to the GDP, the state government had not revised RR rates for the last two years.
“Since there is no improvement in the situation, the sector needs a booster rather than such uncalled for upward revision. The increase is ad hoc and has no scientific base,” the statement read.
While the government has claimed that the average increase is only 1.74 per cent, Merchant said the actual rate can be as high as 10 per cent.
Ashwin Trimal, managing committee member of CREDAI-Pune Metro, pointed out how the rates of residential properties have increased across the board in all developing areas while it has remained unchanged in old city limits due to very less scope of development.
“Areas where Prime Minister Awas Yojana (PMAY) is being implemented and flats are being purchased with subsidy from the government, rates are increased. Now, it will be more stressful for people to purchase such flats,” he said.
CREDAI-Pune Metro has demanded the withdrawal of the revision made in the RR rates.
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