Maharashtra sets up cabinet sub-committee to decide on Ready Reckoner rates

MUMBAI: The state government has set up a cabinet sub-committee headed by revenue minister Chandrakant Patil to decide on the Ready Reckoner Rate as well as the Goods and Services Tax to be charged to the real estate industry. The Maharashtra Chamber of Housing and Industry, a representative body of the real estate industry for the past few months, had made several representations to the government that in view of the recession in the real estate market, the Ready Reckoner Rate for should either be frozen or reduced for 2018-19. At present the RRR is 33.33% of the land value. It has also sought a reduction in GST which currently is 12%.