Buying a house in Maharashtra may get costlier

MUMBAI: The Maharashtra government is set to increase ready reckoner (RR) rates for properties between 5% and 30%, depending on the size and location in Mumbai and the rest of Maharashtra. The rise comes at a time when the residential market, especially in Mumbai, has been sluggish for almost all of 2012 due to unaffordable property prices. However, no major price correction happened as developers cited slower civic approvals which affected supply. Rise in input costs also hurt business. Recently, property developers had requested the state government to slash RR rates that form the basis for stamp duty to avoid further burden on home buyers. Realty developers are also concerned

MUMBAI: The Maharashtra government is set to increase ready reckoner (RR) rates for properties between 5% and 30%, depending on the size and location in Mumbai and the rest of Maharashtra. The rise comes at a time when the residential market, especially in Mumbai, has been sluggish for almost all of 2012 due to unaffordable property prices. However, no major price correction happened as developers cited slower civic approvals which affected supply. Rise in input costs also hurt business. Recently, property developers had requested the state government to slash RR rates that form the basis for stamp duty to avoid further burden on home buyers. Realty developers are also concerned

[via India Properties – Real Estate India – Indian Property News Site]

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