Maharashtra should consider 40% cut in reckoner rates for two years: Former CM Devendra Fadnavis

MUMBAI: The government of Maharashtra should consider reducing ready reckoner rates by 40% for two years to push revival of real estate sector, said the state’s former Chief Minister Devendra Fadnavis.

“The present government should bring down the Ready Reckoner Rate drastically by 40% for the specific time period. Reducing the ready reckoner rate to 5% – 10% cannot suffice the sector,” he said at a webinar organised by real estate developers body NAREDCO.

Among other key suggestions, he urged the government to prioritize on completing the infrastructure projects in Mumbai, Nagpur, Pune, Aurangabad, and track that they are not stalled as the economy will be dependent on infrastructure projects.

According to him, the common development control regulation (DCR) was signed by the previous government and was likely to be out by November 2019, but the present state government is working on changes and this should come into effect immediately to start rolling the economic activity.