Relief for property buyers in Maharashtra as ready reckoner rates remain unchanged for 2024-25

In a significant development for property buyers in Maharashtra, the state government has announced that the ready reckoner (RR) rates for fiscal 2024-25 will remain unchanged from the previous year. The RR rates determine the minimum value for property transactions and stamp duty payments, and this decision will provide stability in the real estate market.

The RR rates were last revised in 2022-23 and have remained constant in 2023-24. This decision comes amidst the ongoing Lok Sabha election process and bipartisan opposition to any increase in RR rates, given the challenges faced by the realty sector during the pandemic.

State Revenue Department’s Deputy Secretary, Satyanarayan Bajaj, issued a notification confirming the government’s decision, emphasizing Maharashtra’s leading position in stamp duty and registration fee collections. The state has seen a consistent increase in revenue from these sources over the past few years.

Anand Gupta, Vice President of the Builders Association of India, welcomed the decision, stating that it aligns with the current state of the property market. He pointed out that the sector is showing steady growth, and maintaining the RR rates will support this positive trend in property transactions.

This move is expected to provide a boost to the real estate sector and ensure continued growth in property transactions in Maharashtra. The decision reflects the government’s commitment to supporting the recovery of the realty market and maintaining stability in property transactions.