Maharashtra to Announce Ready Reckoner Rates Today; Likely to Increase by 10% from April 1
Maharashtra government is considering a 10% hike in Ready Reckoner (RR) rates from April 1, 2025, following recommendations from all districts. Senior officials met Revenue Minister Chandrakant Bawankule, who stated that the final decision rests with the state government.
The RR rate is the government’s assessment of property values, used to determine stamp duty and registration charges. If implemented, this will be the first revision since 2022. The increase is expected despite opposition from developers, who argue it will raise property prices and slow down real estate growth. A state CREDAI member emphasized that the sector is still recovering from the pandemic and urged the government to reconsider.
Experts estimate that the state could generate ₹55,000 crore from stamp duty collections this year, with an additional ₹15,000-₹20,000 crore from the RR rate hike. The revenue department had initially proposed the increase in January to boost state earnings, as stamp duty and registration fees are the third-largest revenue sources after GST and sales tax.
A senior revenue official noted that the hike was delayed due to last year’s elections and financial constraints from government welfare schemes like Ladki Bahin. The state anticipates revenue collections surpassing ₹60,000 crore with this revision.
However, real estate industry stakeholders warn of short-term slowdowns in property registrations and unsold inventory piling up. A real estate agent highlighted concerns that the hike could negatively impact employment in the sector.
Meanwhile, the planned GIS-based revision of RR rates remains incomplete and will not be applicable this year. Officials said the system, designed to provide a more accurate property valuation, is only partially implemented and will be introduced next financial year.
