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Credai cautions govt against raising ready reckoner rates

Says it won't hesitate to go to the court in support of its demand

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Demanding lowest ready reckoner (RR) rates for the city, the Confederation of Real Estate Developer’s Association of India (Credai) has said that it would move the court after meeting revenue minister and chief minister in this regard.

The real estate industry’s apex body has cautioned that after the new RR rates, while prices of flats in Pune would go up in general, they would go up by almost 50 per cent cumulatively.

President of Credai, Pune Metro, Hemant Naiknavare said that they would first meet revenue minister Balashaeb Thorat and chief minister Prithviraj Chavan to air their grievances. He said that Credai would not hesitate approaching court for making the ready reckoner process transparent.

Naiknavare said that even though the inspector general of registration has announced that prices in Pune would rise by 5 to 10 per cent only, the prices would go up by 20 per cent in most of the areas in the city. He pointed out that there are foot-notes in the ready reckoner document which add up to the prices when the amenities like club house, swimming pool and gymnasium are provided. In addition he said that there are additional premium for the high rise buildings after fifth and tenth floor which would add to the flat price.

Naiknavare pointed out that the builder or developer would pay stamp duty while purchasing land, he would be at the receiving end since the RR rates have increased and the Government also has increased duty if the transferrable development rites or TDR can be loaded on the purchased land.

In a way, he said, the government would collect additional revenue through such lands where TDR can be loaded.

He said that there was a rise of 0 to 25 per cent in the base price and taking in to account gymnasium, swimming pool, club house and other aspects it would increase by 40 to 50 per cent.

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