Home buyers in Mumbai to feel the pinch as ready reckoner rates increase 2 Jan, 2015, 0400 hrs IST, Kailash Babar, ET Bureau Cash-starved Maharashtra government has raised rates up to 40% which are used to calculate taxes paid by consumers while buying property. MUMBAI: Home buyers in Mumbai will have to pay more for their dream homes after a cash-strapped Maharashtra government sharply increased government rates used to calculate taxes paid by consumers when purchasing property. Ready reckoner rates, as they are called, have been increased by 30-40% in case of some fastest-growing, popular suburbs in the city, triggering protests from builders and consumers and causing unease among members of the ruling BJP-Sena alliance, which captured power in the state after 15-years. The hike, effective from January 1, could make property expensive and will most likely dampen hopes of home buyers waiting for a fall in property prices after years of dizzying climb. It will also make it difficult for builders to get rid off an increasingly bloated inventory. Posh residential localities such as Worli and areas near Bandra-Kurla Complex, the citys fastest-growing commercial complex home to some big financial institutions, are among places where rates have been increased by 30-40%. Rates in popular suburbs such as Goregaon, Borivali, Malad, Chembur, Ghatkopar and Vikhroli have also been increased. These localities are home to the citys burgeoning middleand upper middle-class families, many of whom have voted in favour of BJP in the October assembly elections.
Posted on: Fri, 02 Jan 2015 18:27:39 +0000
Trending Topics
Recently Viewed Topics
© 2015