In a poll bound year, political parties and realtors seem to be on the same page, especially when it comes to ready reckoner (RR) rates in Greater Mumbai. Both want the state government to reduce the present RR rates in view of the slow pace of economic growth, rising inventory and slump in the property prices.

Political parties opine that any rise in RR rates may adversely impact prospects in the ensuing Lok Sabha elections slated for April-May in 2019.

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The Bharatiya Janata Party (BJP) and its ruling partner Shiv Sena as well as opposition Congress and Nationalist Congress Party have argued that the state government should not mull status quo on RR rates. The state government, which had introduced an average 3.95% RR rates for 2017-18, had retained it for the current fiscal following strong opposition from all stakeholders. From April 1, 2018 the average RR rate ranged between 5.40% and 5.86% for residential, 5.83% and 6.10% for land office, between 1.70% and 1.91% in Mumbai city and suburbs for 2017-18.

Parties and realty sector players plan to make their representations during the meeting organised by the Mumbai City and Mumbai suburban district collectors who have initiated the consultative process in this regard.

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