Pune: The stamp duty (a tax that is levied on documents) is based on the ready reckoner rates which are very high as discussed by builders in Pune. The Confederation of Real Estate Developers Associations of India (CREDAI) and Maharashtra Chamber of Housing Industry (MCHI) recently urged the state government to decrease the ready reckoner rates such that the stamp duty should come down, that will be a motivating factor in the purchase of property for the users and investors.The government had revised the RR rates on the year starting and the stamp duty pulled up with every upward revision of RR rates. MCHI-CREDAI president Paras Gundecha has appealed about the situation to chief minister of the state to ensure that the home buyers are not unduly burdened with the increment in stamp duty.Contemplating the current picture of real estate market, the RR rates don’t suit well. As funding to materials and labour increasing by the day, high RR rates will be highly discouraging for home buyers.”It is sad and unfortunate to see the RBI taking such a stubborn stand, despite economic realities of the day. We wonder if the RBI policy of causing a liquidity crunch leading to short supply and resultant price rise is good for the economy or increasing liquidity and pushing supply to bring prices under control is better,” said Credai national president Lalit Kumar Jain.”We at Credai have been pleading for funds being made available to developers as well as home buyers at affordable and reasonable rates of interest, but somehow the RBI does not seem to realise the need for encouraging the real estate sector,” Jain added.If the stamp duty rates go down, it will be a mark of optimism for buyers and hence for the real estate sector.