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3w ago

Maharashtra Implements 3.89% Average Hike in Property Valuation Rates for FY 2025-26

The revised ready reckoner rates, effective April 1, 2025, aim to boost state revenue but raise concerns about higher property costs and market strain.

Starting April 1, property transactions in Maharashtra are expected to become more expensive, as the state government has announced an average increase of 3.89% in ready reckoner rates for the financial year 2025-26. REUTERS/Francis Mascarenhas (Representational photo)
Mumbai, India - Sept. 5, 2023: Arial view of Infrastructural development at Sath Raasta, Mahalaxmi, in Mumbai, India, on Tuesday, September 5, 2023. (Photo by Anshuman Poyrekar/ Hindustan Times) (Hindustan Times)
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Overview

  • The Maharashtra government has introduced an average 3.89% increase in ready reckoner (RR) rates, marking the first revision in two years.
  • Solapur recorded the highest hike at 10.17%, while Mumbai saw a modest increase of 3.39%, the second-lowest in the state.
  • The government expects to generate at least ₹10,000 crore in revenue from stamp duty and registration fees during FY 2025-26.
  • Developers and real estate experts warn of increased construction costs and potential delays in homebuying, particularly in the affordable housing segment.
  • The hike has led to a 3.6% drop in real estate stocks, reflecting market apprehension about the impact on property transactions and new launches.