HOURS AFTER the State Inspectorate General of Registration on Thursday hiked Ready Reckoner Rates in Pune district, Credai strongly condemned the hike, describing it as ‘exorbitant’ and ‘uncalled for’.
Ready Reckoner rate, regulated by the state government, is the standard value of an immovable property, such as land and flats. It has been hiked by 6.12 per cent in Pune city under PMC and by 12.36 per cent in Pimpri-Chinchwad under PCMC.
The RR rate in rural areas has been hiked by 10.15 per cent. One per cent Metro cess will also be applicable on these properties. Inspector General of Registration Shravan Hardikar said officials had considered the prevailing situation in the district before hiking RR rates.
“We have material evidence with us regarding the existing market conditions. We have collected the evidence from across Maharashtra and have studied the transactions related to properties in different parts of the state before hiking RR rates,” he said.
But Anil Pharande, president of Credai Pune, said in a release, “The industry is going through very tough and challenging times due to input material price hike by about 40%. Many developers, especially in the affordable category, are unable to buy at these exorbitant rates. This may lead to temporary closure of work. In these tough times, a hike in the RR rates was highly uncalled for”.
“The RR rates in Pune, Pune extended and PCMC have been increased by 6.12%, 10.15% & 12.36% respectively. Such high increase was totally uncalled for…,” said Pharande.
Credai said the state government didn’t hike the rates for two years due to the pandemic. “They should have noted that the industry is still struggling to survive and in spite of increased traction, till date the selling rates haven’t increased, so an increase in RR rates is totally uncalled for. Even the premiums, TDR, FSI rates will increase now… it will further increase input costs and directly impact the buyer,” he said.
