Maharashtra May Raise Ready Reckoner Rates by Over 5% From April
The Maharashtra government is likely to revise Ready Reckoner (RR) rates from April, with officials indicating an average increase of slightly over 5% across the state. The possible revision comes amid mounting fiscal pressure, a widening revenue deficit, and a sharp rise in the state's debt burden. According to senior officials, consultations with district-level stakeholders have already been completed, and the final announcement is expected on March 31. RR rates serve as the government's benchmark for property valuation and are used to calculate stamp duty during property transactions.
Officials noted that in several urban markets such as Pune, Mumbai, and Thane, actual property transaction values are significantly higher than the current RR rates, in some cases exceeding them by more than 100%. This gap has prompted the government to consider revising the benchmark rates. While the registration department is on track to meet its ₹63,500 crore revenue target for the current fiscal year, developers' bodies including CREDAI have urged the government to avoid another hike, arguing that frequent increases could affect homebuyers and dampen market sentiment despite the sector's steady growth.
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