The real estate body has urged the state government to review ready reckoner rates stating that in many areas it is higher than the transaction market rates
Stressing that it will be a win-win situation for consumers, real-estate industry and the state government, CREDAI (Confederation of Real Estate Developers Associations of India) Pune Metro has written to chief minister Eknath Shinde, deputy chief minister Devendra Fadnavis and top Inspector General of Registration (IGR)-stamp officials to reduce stamp duty rates.
The real estate body has urged the state government to review ready reckoner rates stating that in many areas it is higher than the transaction market rates. Every year, government revises ready reckoner rates from April 1.
“Presently, the stamp duty rate is 7 per cent, which is unaffordable for middle-class homebuyers which constitutes 60% of population. Thus, we request the Maharashtra government to reduce the rate,” said Anil Pharande, CREDAI Pune Metro president.
“For example, a middle-class person buys home property in urban areas in the range of ₹70- ₹75 lakh. By reducing stamp duty rates, the EMI will be reduced to approximately ₹20,000- ₹25,000 per year. The decision will boost real-estate sector as more units will be sold and generate revenue for the state government,” said Ranjit Naiknavare, CREDAI Pune Metro vice-president.