No RR Rate Hike Yet Revenue Up 17 Percent as Maharashtra Property Market Defies Global Slowdown
Maharashtra's state registration and stamps department recorded a nearly 17 percent rise in revenue in the first four months of the current financial year collecting Rs 21128.3 crore compared to Rs 18080.1 crore in the same period last year an increase of Rs 3048.2 crore even as ready reckoner rates were kept unchanged for 2026 to 27. Document registrations rose from 15.63 lakh in the first four months of 2025 to 26 to 17.11 lakh this year driven by approximately one lakh additional lease and rental agreement registrations and nearly one lakh more new home registrations. Joint Inspector General of Registration said higher value property transactions and stricter enforcement through intensified office inspections stronger stamp duty scrutiny and stepped up action against stamp duty evasion all contributed to the robust revenue growth. Officials said the strong four month performance has strengthened the department's confidence of achieving its annual revenue target of Rs 68500 crore.
The state government had decided against revising RR rates for 2026 to 27 after receiving representations from developers and stakeholders and considering global economic uncertainties including the impact of the West Asia conflict on the real estate sector. Revenue minister said the decision to maintain rate stability was aimed at supporting the property market during a period of global slowdown and the construction sector stress. Revisions were carried out only in select value zones where development plans were approved or land use changed from agricultural to residential including areas under 10 nagar parishads and one municipal corporation. Developers had specifically requested a status quo on rates with the previous statewide revision having been carried out in 2022 to 23 when rates were increased by an average of 5 percent.
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