"All tax-related decisions will be taken after the annual budget, so that they come into effect from April 1," the minister said.
Here's a new year gift for people who are planning to buy their dream homes: the state government has decided not to increase the ready reckoner (RR) rates in the ongoing financial year.
Revenue minister Eknath Khadse told dna that they had, in fact, decided not to increase any tax before the end of this financial year. "Since we're not hiking any tax now, we took the decision not to raise RR rates from January 1. All tax-related decisions will be taken after the annual budget, so that they come into effect from April 1," the minister said.
dna had reported on December 18 that the Maharashtra government is unlikely to increase RR rates.
Nayan Shah, CEO and MD of Mayfair Housing Pvt Ltd, welcomed the government decision. "It has happened for the first time that the state government has shown readiness to listen to the industry. It shows their open attitude and receptive approach towards the industry," Shah said.
Manohar Shroff, vice president of Maharashtra Chamber of Housing Industry, said this decision would give a three-month window to people to buy houses. "After this positive approach, the industry expects much more good things from the government to fulfil prime minister Narendra Modi's dream of 'House for All by 2022'," Shroff said.
Another developer said that the calculation of RR rate does not appear to be logical. "It is in complete contrast to the ground realities. In most of the cases, they are artificial. Especially in case of land, there have not been many transactions within the Mumbai Metropolitan Region to form the basis for fixing RR rate," he added.
Pankaj Kapoor, MD at Liases Foras, welcomed the government decision.He said property prices were skyrocketing and affordable houses were a distant dream. "Stabilisation of RR rates will also positively impact the property market. In last three years, RR rate has rose by almost 60% cumulatively. It's not the developer but the government to be blamed for soaring property prices," said Kapoor.
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