Comments
Opposing the Maharashtra government’s decision to hike stamp duty, the confederation of real estate developers’ Associations of India has cautioned against capital flight from the state to neighbouring Gujarat.
The ready reckoner rate which is the reference rate on which the stamps and registration department levy stamp duty, has been increased across Maharashtra by an average of 25 per cent.
The state government departments are planning to increase revenues without a comprehensive approach, said Lalit Kumar Jain, national president of Credai.
He said the hike in property tax, fungible premium and now in the ready reckoner rates despite the market realities of fall in sales bears testimony to the fact that the government officials’ were adopting a unilateral approach.
Jain appealed to Chief Minister Prithviraj Chavan to involve all stakeholders before taking decisions that impact home buyers and developers.
“We, as the developer community, can work with the government to increase revenue by the volume approach,” he said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.