Pune 3.91% Revised RR Rate Highest in Maharashtra

Suhas Merchant, president, CREDAI-Pune Metro CREDAI- Pune has protested the hike in ready reckoner (RR) rates announced by the Maharashtra government. According to CREDAI-Pune Metro, the hike in RR has nullified the impact of concession given in the stamp duty rates. Remarking that the real estate sector is a growth engine that contributes substantially to the country’s GDP by creating wealth and employment. Sector Needs Booster The real estate sector has been a sluggish market for the last three to four years. This dire situation has been aggravated by the unprecedented COVID-19 pandemic. Even after five months, construction activities are still at a standstill. Considering this fact, the State government had not revised the RR rates during the last two years. As there is no improvement in the situation, the sector needs a booster rather than this uncalled-for upward revision. The steep increase in the RR rates is ad hoc and has no scientific basis. The government’s claim that the average increase in the RR rates was only 1.74 % is “utterly misleading” to the public. The increase in upcoming areas of Pune has in fact been as high as 10%. This is because the land rates in residential places like Prabhat Road, Dhankawadi, Baner and Ghorpadi has been 8%. So the hike in RR rates has only shot up the prices further. With a number of peripheral areas, including 23 villages, recently merged into the Pune Municipal Corporation, rates of residential properties in the city has increased across the board in Pune’s developing areas.