pune properties in most areas in pune as well as the rest of the state may not see a price cut with developers expressing their inability to sell below ready reckoner ratesthe ready reckoner rates increased by an average of 174 in the state with pune district seeing the highest increase with some parts seeing a 510 increase developers said this would not allow them to reduce the prices of their properties and have sought a review of the ratesone builder said there were specific income tax act provisions that stop them from selling at a price point lower than the rr rate as it translates into a taxation burden for both buyer and seller he said they expected the government to reduce rr rates which nullified the recent reduction in stamp dutyin most micro markets ready reckoner rates are nearly equal to the market price and buyers as well as sellers have to pay tax if the price dips below rr rateanother developer said new projects will be impacted too as the rr rates will govern all levies duties and taxes payable by a developershantilal kataria national vicepresident said the state igr has reduced prices in the peth areas where there are no transactions and increased them in areas where transactions are possible especially where infrastructure projects have announcedconstruction costs have increased 810 and this has increased the premium the real estate sector has been sluggish for the past four years and the pandemic has worsened it credai members said in a recent letter to the government pushing for a reduction in rates to revive the marketanother leading developer said that a developers body in mumbai is planning to file a writ petition in the bombay high court against the governments decision to increase the ratesthe state igr justified the revision stating that the rates had not been revised since 201718 further the igr added that the rates were increased considering the extension of the jurisdiction of municipal corporationcouncil establishment of new municipal councilnagar panchayats new growth areas development plans etc this includes a hike of 189 in growth areas 129 in municipal councilnagar panchayat areas and 102 in municipal corporation areas an official said