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Saturday, December 26, 2009

From January 2010, you may have to pay more stamp duty and registration charges

Property buyers in Pune and Pimpri-Chinchwad, as well as in Pune district, Happy New Year!

A proposal to hike the government ready reckoner rates (RRR) by 10-15% for the year 2010 was tabled at the annual meeting called by Pune district collector Chandrakant Dalvi to review the rates.

"The proposal will be discussed with the state town planning department before finalizing and executing the new rate structure from January 2010," Dalvi told TOI after the meeting.

Dalvi said the RRR in municipal council areas will be hiked by 5-12% while in rural areas it will be about 5%.

"However, in some of the rural areas that are witnessing a large number of constructions, the hike can go up to 15%," he said.

10-15% hike in ready reckoner rates proposed

Related Stories:

1) Wednesday, November 18, 2009
Now, you have to pay flat 1 % registration charges!

Narayan Rane lifts the stay and cancels the maximum cap of Rs30,000

2) November 2009 - Top 10 popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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  1. I think increasing the RRR is not a good move. In fact it should have been reversed as the market value by builders in many areas is lower than RRR. No one thinks of us poor consumer. The bigger builder keeps on hiking rates. and then Govt keeps on hiking fees. Also the fees charged by corporation keeps on going up. I am a small time builder building 6-12 apartments in small standalone buildings keeping my margins very thin. I rely on selling quickly 1 and 2 bhk flats with approx 200/- profit margin. Each time there is increase in RRR, my sales go for a toss cose my consumers can not absorb even 15000 increase in expenditure. This leads to slower sale for me and increased duration of borrowed money. So guess what I have to hike the price by Rs 25-50 per sq ft and my consumer has to bear that burdon. Sorry folks I have to do this in order to keep my financial equation healthy.
    But then who gives a damn about me? or the consumer.

    In short all these fee hikes will drive away micro builders like me. NO GOOD.
    I think all consumers should protest with Mr. Dalvi and should tell elected officials about it. Not that they give a sh*t about it but then if we do not talk we have no one to blame. At leastt write emails to Dalvi and his admin.
    Hi Ravi I like your blog. I am generally a silent reader because I am a builder and many times I disagree with consumer but then if I respond it will be targeted as bad guy.

  2. I see this is a counter productive move for housing sector, which is alive by a hanging thread and stimulus package.

    See it thsi way, current rates are so high that sales are totally down. Hence there is a drop in revenue against govt target from reg/stamp duty. In order to compensate it, they have hiked the RRR.

    What they ignore now that this will bring whatever sales that were to appen, to standstill and this could be start of real downhill travel for RE sector.