New BAI chief wants concrete policy on RR rates

NASHIK: Rameshwar Malini, the new president of the Builders Association of India (BAI), Nashik branch, on Thursday said his first priority would be to make a concrete policy for the Ready Reckoner (RR) rates by pursuing the issue with the state government.
Malani, who is the chairman of Shrinath Constructions, has been appointed as the president of BAI, Nashik branch.He will take the charge from the outgoing president, Vilas Birari, at a function to be held on Saturday.
Speaking to TOI, Malani said, "The state government announces RR rate on January 1 every year for stamp duty purposes. In Nashik, the RR rates have been increased at large in the past few years. Moreover, the rates have been increased at the same time when the real estate sector is facing recession for the past few years. This has increased the property prices in Nashik. At some places like Gangapur and other parts of the city, the RR rates are higher than the market rates. As a result, residential properties like flats are lying unsold. The rates have increased in a blanket manner everywhere in the city, including the outskirts. Hence, there should be a concrete policy for RR rates as per the market conditions so that they don't increase every year. Therefore, I have decided to take efforts for a specific policy for RR rates with continuous follow up with the state government."
He further said, "Apart from this, I am planning to form a new chapter for youths at the platform of the BAI, Nashik branch. We want to utilise their talent for business growth. Moreover, the government has levied 4.99% service tax on government works from April 1 in the current financial year. Earlier, there was no service tax on government works."