Inspector General of Registration denies move to increase Ready Reckoner rates, real estate group urges state against hike

Asked whether they plan to increase the rates before April, Hardikar said, “We are getting different proposals on this count…A decision will be taken before the new financial year starts. As of now, I can’t say whether we plan to increase the rates or not.”

Meanwhile, CREDAI Pune Metro, a body of real estate developers, has urged the state government not to increase the Ready Reckoner rates this year.

Anil Pharande, president of CREDAI Pune Metro, said, “The real estate industry is still trying to recover from the pandemic-induced slowdown. In such a situation, it would not be advisable to increase the Ready Reckoner rates. Construction cost has increased by about 25% in the last 18 months. Increase in RR will further add to the price  and homes, which will become costlier and this will have adverse impact on home buyers. We hear that metro cess will also be reinstated for 1-1.5%… this will directly impact the total expenditure of customers.”

“We urge the state government to maintain Ready Reckoner rates at least for another year. In fact, at many places, RR rates are much higher than market rates and need immediate review and correction. Also, increase in RR rates will increase the premiums and houses will be more expensive. Many developers in the affordable housing sector are selling below RR. So far, 20% was permitted as a Covid relief for transactions below RR price,” said Pharande.

He added,”Now that concession has also been withdrawn, houses will be expensive even in the affordable segment. Necessary and timely action by the state government will not only help the real estate industry, which significantly contributes in direct and indirect job generation, but will also benefit the common home buyer, particularly in the affordable segment.”