Builder’s lobby forced to CM for reversal of RR rates hike

By Accommodation Times (www.accommodationtimes.com)

Mumbai:
On Tuesday the Maharashtra Chamber of Housing Industry (MCHI) representative body of builders had a meeting with chief minister Prithviraj Chavan, demanding to roll back of Ready Reckoner (RR) rates to 2011 levels and also have discussed regarding the projects those has been delaying from civic body.
The builders’ body has updated to CM that sudden hike in RR rates by 46% would be one of the strong reason for unaffordable housing. According to the Mantralaya senior official said that “the body has requested to authorities to setback the hike in RR rates to the year 2011 levels.”
Reportedly the state government has recently increased the RR rates from 1st Jan 2012 in the following areas of Mumbai like Versova, Prabhadevi and Dadar might see hike of nearly 25 to 35% in property prices. The RR is used to calculate the market value for stamp duty and registration charges and is source of revenue for the state government. Also builders body has requested to authorities to clear the pending projects those are still waiting for approval from civic body.