Maharashtra Government Likely to Hike Ready Reckoner Rates by 10% from April 1

The Maharashtra government is considering a 10% increase in Ready Reckoner (RR) rates from April 1, 2025, based on recommendations from district authorities following consultations with stakeholders. Senior officials met with Revenue Minister Chandrakant Bawankule on Monday and confirmed that the proposal is under evaluation. The final decision rests with the state government.

RR rates, which determine the government's assessment of property value for levying stamp duty and registration charges, were last revised in 2022. If approved, the new rates will be effective from the beginning of the next financial year.

The proposed hike has drawn concerns from developers, who warn that it could lead to an increase in property prices and a slowdown in real estate transactions. Developers and industry bodies have urged the government to reconsider, citing the sector's ongoing recovery post-pandemic. A representative from Credai Maharashtra stated that the increase would impact affordability and market sentiment.

Despite opposition, the government is expected to proceed with the hike, aiming to boost revenue collections. Stamp duty and registration charges are among the state's top revenue generators, with earnings projected to surpass ?60,000 crore. Officials indicate that the additional revenue will be used to fund government schemes.

The revenue department had previously proposed the increase in January during a presentation to the finance department as part of measures to enhance state earnings. A senior revenue official pointed out that the revision was delayed due to the elections last year and is now considered overdue.

Market experts predict an initial slowdown in property registrations following the increase, but officials believe the impact will stabilize over time. The introduction of GIS-based mapping for more accurate RR rate assessment is in progress but remains incomplete for urban areas. The new valuation system is expected to provide a more precise property