Guarded reaction from builders as the Maharashtra government move is bound to impact buyers, sellers and investors.
MUMBAI, Apr 1 (The CONNECT)- In a move that is set to impact property buyers, sellers, and real estate investors across Maharashtra, the state government has officially announced an upward revision in Ready Reckoner Rates (RRR) for the financial year 2025-26. The revised rates, which are used to determine property values for stamp duty and registration charges, will come into effect today.
According to a notification issued by the State Registration and Stamps Department late yesterday, the average hike in RRR across Maharashtra stands at 3.89%. The announcement marks the first revision since 2022-23, with speculation having earlier hinted at a potential increase of up to 10% in certain regions.
Mumbai, the commercial and financial capital of the state, will see a 3.4% hike in RR rates—slightly below the state average. While this may come as a relief for homebuyers in the city, several key urban centers have witnessed steeper increases with Thane at 7.72%, Solapur at 10.17%, Ulhasnagar at 9%, Navi Mumbai at 6.75%, Nashik at 7.31%, Pune at 4.16% and Panvel at 4.97%.
This announcement comes ata time when the real estate sales have dipped. Skyrocketing residential prices coupled with geopolitical headwinds have slowed the Indian housing market’s bull-run in Q1 2025.
Anuj Puri, Chairman – ANAROCK Group, said, “MMR and Pune accounted for 51% of the total sales, with MMR seeing a 26% yearly drop and Pune a decline of over 30%.
Industry experts believe the revision may lead to a marginal increase in the cost of property transactions, especially in regions that have seen significant hikes.
Prashant Sharma, President, NAREDCO Maharashtra, said the increase in Ready Reckoner rates will directly impact property valuations and, subsequently, the overall cost of acquisition for homebuyers.
“While we understand the government’s intent to align RR rates with market realities, this hike comes at a time when the sector is moving steadily and affordability plays a key role in driving demand. This increase may deter fence-sitting buyers and put pressure on developers already grappling with high input costs. We urge the authorities to adopt a more calibrated approach to such revisions to ensure sustainable growth of the real estate sector,” Sharma said.
Shraddha Kedia-Agarwal, Director, Transcon Developers said the increase will have a cascading effect on overall property pricing, especially in prime urban markets like Mumbai where the base property prices are already high. It impacts stamp duty and registration charges, thereby increasing the burden on end consumers.
While real estate has seen encouraging momentum over the last few quarters, such policy moves should ideally be introduced gradually to maintain market sentiment and buyer confidence. “We hope the government considers sectoral feedback while rolling out future revisions,” she said
Samyak Jain, Director, Siddha Group said the RR rate hike could influence the demand trajectory observed in recent months, particularly for first-time homebuyers and the affordable housing segment, where even slight cost variations can be impactful. Developers may also need to navigate pricing and planning considerations, especially for ongoing projects. While we appreciate measures that enhance transparency and fair valuation, a phased revision approach could help sustain real estate momentum and ensure a smoother transition, he said.
