Maharashtra Property Registrations Hit 3 Year High, Developers Urge Govt to Maintain RR Rates
Property registrations in Maharashtra have surged to a three-year high, with over 27 lakh registrations generating revenue of approximately Rs 48,000 crore in the current financial year. With three days left until the fiscal year ends on March 31, officials expect to meet the revised revenue target of Rs 50,000 crore. In Pune alone, more than 2.85 lakh documents have been registered, contributing to a revenue collection of Rs 8,817 crore. Recognizing the increased demand, all property registration offices will remain open to facilitate registrations and stamp duty payments ahead of the new financial year.
Developers in the real estate sector have urged the government to maintain the Ready Reckoner (RR) rates unchanged for the upcoming financial year to sustain the positive momentum. They argue that any increase in RR rates would raise input costs and stamp duties, leading to a potential price hike of Rs 2 lakh to Rs 5 lakh. Homebuyers are registering property documents ahead of the new financial year amid uncertainty about potential changes in RR rates. Pune and the Mumbai metropolitan region continue to drive housing sales, with steady RR rates playing a crucial role in maintaining buyer sentiment and affordability.
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