Cong-NCP MLAs ask govt to freeze ready reckoner rates

NAGPUR: In a ray of hope for flat buyers, a delegation of legislators on Wednesday met state functionaries and asked the government not to hike ready reckoner rates for the coming year.
New ready reckoner rates are declared at the start of the year. A general trend observed over the years is that the new rates are at least 10-15% higher than the previous year's.
Even as demand was raised for areas in Mumbai, it could influence the rates in other areas too. The legislators made the demand reasoning that the ongoing recessionary phase and a slowdown in economy had adversely impacted property transactions.
The delegation comprised of Congress and NCP legislators from Mumbai. It even asked the government to consider the feasibility of reducing the rates.
A hike in ready reckoner rates impact stamp duty charges. Congress legislator Baba Siddique, who led the delegation, said that, "Property transactions have dropped by 60% to 70% over last year. Any hike in rates will worsen things," he said. The legislator further informed that a resolution to ask the government not to hike rates had been formally adopted at a meeting of all city legislators in the office of the suburban collector in Bandra earlier.
The delegation discussed the issue with chief minister Prithviraj Chavan, deputy chief minister Ajit Pawar (who also holds the finance portfolio), and revenue minister Balasaheb Thorat.
Siddique said that Pawar assured them of considering the request. The delegation's meeting with state functionaries comes following reports that a 20-30% hike was on cards in ready reckoner rates.
Siddique further said that the government had decided against the hike during a similar recessionary phase in 2008-09.
Vinod Sampat, president, Stamp Duty and Registration Payers Association, supported the demand.
"Any hike would be unjustified when property rates are experiencing a negative trend." He raised questions regarding the method used to decide rates.