Maharashtra Keeps Ready Reckoner Rates Stable for FY25
The Maharashtra government has announced its decision to maintain unchanged ready reckoner (RR) rates for the fiscal year 2024-25, marking the second consecutive year without alterations in the state. Satyanarayan Bajaj, the deputy secretary of the Maharashtra revenue department, issued a notification on March 31, conveying the government's stance to the Inspector General of Registration and Controller of Stamps. This decision offers stability to home buyers, ensuring predictability in property prices and enabling them to plan investments with confidence. Consistent rates mitigate sudden spikes in costs, making homeownership more accessible and reducing financial uncertainty. The steady perception of prices encourages buyers to engage in the market, potentially boosting sales and transactions.
In recent years, the state government has witnessed substantial revenue generation through stamp duty and registration fees: Rs 28,989 crore in 2019-20, Rs 25,651 crore in 2020-21, Rs 35,171 crore in 2021-22, Rs 37,500 crore in 2022-23, and over Rs 50,000 crore in 2023-24. The ready reckoner serves as the minimum valuation for stamp duty imposition and is intertwined with various premiums, charges, and floor space index (FSI) rates applicable to municipal corporations. This decision underscores the government's commitment to maintaining stability in property markets and fostering a conducive environment for real estate transactions and investments in Maharashtra.
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