Reaction by Dr. Niranjan Hiranandani, President (National) NAREDCO and Assocham on Maharashtra announces increase in the Ready Reckoner rates across the state New rates come into effect from September 12

Mumbai, September 15, 2020: It is surprising, that in a scenario where the suggestion, ‘reduce price of residential real estate’ has been covered by media –be it Deepak Parekh, Nitin Gadkari or  Piyush Goel – the state government has instead opted to enhance the Ready Reckoner value. Income tax provisions mean a developer cannot sell at a price point lower than the Ready Reckoner rate, as it translates into taxation burden for both buyer and seller. In this situation, the expectation was that the state government would reduce the value, instead, it has chosen to increase the same. New projects will be impacted too, as the Ready Reckoner value will govern all levies, duties and taxes payable by a developer. One hopes the authorities will consider this and take necessary steps.

Corporate Comm India (CCI Newswire)