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Congress, NCP condemn hike in ready reckoner rates

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The Congress and Nationalist Congress parties have demanded that chief minister Devendra Fadnavis withdraw the 30-40% hike in the ready reckoner rate that will hit the home buyers hard.

South Mumbai Congress legislator Amin Patel said the rise in the RR rate will raise construction costs and dampen the sale of existing houses as well. "Chief minister Devendra Fadnavis should immediately roll back the RR hike and give relief to the construction industry and potential home buyers," he said. "The hike in RR rate should be linked with the market condition. The real estate sector is going through turbulent times, and realty sales are poor. There is no point in increasing the RR rates. On the one hand the government talks about affordable housing and on the another, it increases the RR rate to put more revenue into its kitty (through registration and stamp duty)."

NCP spokesperson Nawab Malik alleged that the BJP government has proven that it is not on the side of the common man. "After BJP came to power, farmers have been deprived of satisfactory prices for their products. The real estate sector has suffered huge setbacks due to the low sale and lack of investment in the sector. Now, the rise in the RR rate is a big blow to them. We will write to the chief minister to roll back the hike in RR rate, or else we will launch large-scale agitations state-wide," Malik added.

Property experts said that the RR rate hike will be unproductive. An expert said, "It is a myth that by increasing the RR rate, the state government will earn more revenue. The rise in property prices will lead to less properties being sold, so the generation of revenue through stamp duty and registration will also be affected."

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