Credai’s Aurangabad unit requests reduction in ready reckoner rates
The Aurangabad unit of the Confederation of Real Estate Developers’ Association of India (Credai) has submitted a memorandum to the collector for stamp duty and valuation by demanding a reduction in the ready reckoner rates that has been announced by the state government on the 1st of January this year.
The government had increased the valuation rates of land by around 60-80 percent in the other different parts of the city. The association has proposed a hike of 15-20 percent in 2013 rates while fixing the valuation prices for 2015.
The Ready reckoner rates are revised every year and are used to calculate the market value of flats for stamp duty and registration charges, which are major sources of revenue for the state government. The rates are and used as a reference or the base price for various land deals, acquisitions and property-related matters
No response from the state government has been sighted yet as the ready reckoner rates are one of the ways from where government revenues are collected. Whether the government will consider the request is in itself a matter of concern as the rates were increased to generate more revenue.
Source: The Times of India
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