The Maharashtra government has extended a stay up to September on an average of 5% rise in ready reckoner rates (RR) on land or open plots in Mumbai Metropolitan Region (MMR) that comprises Mumbai city, Mumbai suburban, Thane, Palghar and Raigadh. The realty players also said that increase in RR will particularly affect the affordable housing projects. A revenue department official told DNA,“The stay on RR increase on land in MMR has been extended up to September. As far as realty sector is concerned, 12% GST will be recovered from the property buyers. “The stay on hike in RR for structures would have benefited property buyers in getting relief especially in the payment of stamp duty and service tax.

Source: dna June 20, 2017 16:30 UTC