The Maharashtra Chamber of Housing Industry (MCHI) has thanked the Maharashtra Chief Minister for his assurance that the Ready Reckoner rates for real estate industry may not be increased in the New Year.
Track2Realty: MCHI CREDAI has appealed to the Maharashtra Government to slash the ready reckoner rates that form basis for stamp duty.
The Maharashtra Chamber of Housing Industry (MCHI) has cried foul over the State government’s decision to hike its Ready Reckoner rates that guide the stamp duty and other levies.
Now at the year end it is time we conceptualized the idea of a compendium of yearly handbook that could serve as a ready reckoner to the sector, the media, HNIs and the investors who have keen interest in the Indian realty market.
There is a general apprehension that because of large-scale discretionary concessions given by the planning authority to almost each and every project, it may eventually compromise with the essential requirements once the new DP relaxes the norms. They suggest the DP must ensure that the BMC (Brihan Mumbai Municipal Corporation) should not grant approvals to projects which are devoid of recreational areas, open spaces and fire safety.
There has been less of compact housing on offer and hence one wonders whether there are few takers for 1BHK in the city or there are certain other fundamentals of execution that come in the way of creating compact housing units.
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The concerns about soaring rentals and unaffordable housing in Mumbai notwithstanding, the surprising fact is that residential property prices across Mumbai city and its suburbs increased only by 7% in 2014, and by a negligible 0.3% in 2013.