Rate Freeze To Cushion Realty Sector Amid Uncertainty: Builders Nagpur: The state government’s decision to keep ready reckoner rates unchanged has been welcomed by real estate builders as a measure to stabilize the sector amid economic uncertainty driven by geopolitical tensions. Builders argue that the freeze will provide relief to developers and buyers, preventing a potential slowdown in property transactions. The decision comes despite a noticeable rise in property prices during the previous financial year, according to industry sources. Ready reckoner rates, which are revised annually based on market price trends, serve as a benchmark for calculating liabilities such as stamp duty, capital gains tax, and property taxes. These rates are determined by analyzing registered sale deeds, stamp duty collections, and inputs from town planning offices, which are then forwarded to the revenue department. The rates are typically updated at the start of each financial year after a comprehensive review of market data. This year’s review revealed a marked increase in property prices, with some areas in Nagpur witnessing a rise of 5% to over 10%. However, the final decision to maintain the rates unchanged was made by the state government, which cited the need to cushion the real estate sector from further volatility. Last year, the state had increased ready reckoner rates by 5.85%, but there had been no changes since 2022-23. BJP Maharashtra spokesperson and chartered accountant Samir Bakre noted that the decision may not significantly impact the state’s revenue but emphasized its importance in maintaining market sentiment during uncertain times. “The move comes as a relief for the sector, especially with the ongoing geopolitical tensions affecting investor confidence,” Bakre said.#nagpur #state_government #real_estate_builders #bjp_maharashtra #creda_i
