April 4 2016, 15.30 PM IST || Pocket News Alert
Comment from Mr. Chintan Sheth on Hike in Ready Reckoner Rates
The increase in Ready Reckoner rates could have been avoided considering the current market sentiments in the Mumbai realty market. This increase will have a huge impact on the property prices across segments, says Mr. Chintan Sheth, Director, Sheth Corp.
With this hike, the homebuyers would be facing an additional burden of stamp duty and registration charges along with recurring property taxes, which will result in buyers being more watchful.
On the other hand, developers too would be facing the load as stamp duty during the purchase of land and TDR are dogged by ready reckoner rates, added Mr. Sheth.
“The Government is promoting affordable housing on one hand and increasing RR rates on the other. This move is not conducive to government’s initiative of providing “Housing For All”, continued Mr. Sheth.
