Summary:
Realty sector players have appealed to the state government that the land ready reckoner (RR) rate should be 33% of the residential RR rate and it should not be arbitrarily fixed by the Inspector General of Registration in absence of contemporaneous land transactions. They have argued that in a city like Mumbai, there are zero transactions of vacant lands that can be relied upon to determine land RR values. To discuss this issue along with a gamut of others, representatives from CREDAI, Maharashtra Chamber of Housing Industry (MCHI), National Real Estate Development Council (NAREDCO) and Practising Engineers Architects & Town Planners Association (PEATA) will meet the state Chief Secretary Ajoy Mehta on July 18. As far as building plan approval is concerned, the realty players have pleaded that the powers currently enjoyed by the BMC Commissioner should be delegated to the Chief Engineer or Deputy Chief Engineer. NAREDCO president Niranjan Hiranandani said the real estate sector is passing through difficult times..