Government might increase RR rates for properties by 30%

Government might increase RR rates for properties by 30%The government in the state of Maharashtra might be conspiring increasing the ready reckoner (RR) rates for properties by about 30 per cent.

The ready reckoner (RR) rates for properties are minimum prices set by the government below which the sales of properties are not allowed. The government alters the rate on an early basis and sets basis for the builders to charge customers for their properties.

Reports have said that the builders in the state are already planning to increase prices of their properties. However, some point out that the change in the rate should not impact the property prices because property prices are already very high in the market.

Paras Gundecha, president of realtor's body MCHI-CREDAI has said that the increased rate will affect property prices in the state and the builders are likely to increase prices and thus the sales will be affected. The builders had urged the government not to increase the RR this year because the sales have been slow during the year.

Experts say that the increase in the RR prices will result in an increase in the stamp duty and registration charges and will further affect the sales in the state.

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