Maharashtra revises ready reckoner rates for FY 2025-26

April 1, 2025: The Maharashtra government on March 31, 2024 hiked the ready reckoner rate (RRR) in the state by 4.39% for FY 25-26. The new rates are effective April 1, 2025.

The ready reckoner rate is the minimum value below which a property cannot be sold. While there has been no change in the Maharashtra stamp duty and registration charges, these charges are bound to go up as the cost of property will increase with the change in RR rates.

Reports suggested that while all stakeholders were anticipating a 10% hike in RR rate but a 4.39% is a relief to stakeholders.

Ready Reckoner Rates in Maharashtra FY25-26

Source: IGR Maharashtra

A glaring trend is that there has been a hike in Tier-2 cities as compared to Tier-1 cities with Solapur seeing the largest hike of 10.17%. This is attributed to the infrastructure development that the city will undergo. Areas like Mumbai have seen a far less hike of 3.39%. Navi Mumbai, Thane and Nashik saw a hike of 6.75%, 7.72% and 7.31% respectively.

Maharashtra Ready Reckoner Rates in key areas in FY25-26

Source: IGR Maharashtra

To check the ready reckoner rate of your area, visit https://igrmaharashtra.gov.in/Home.

As per industry reports, Maharashtra, in FY 2024–25 overshot its target and collected Rs 57,422 crore as property revenue as people were expecting a hike in RR rate in FY 2025-26.

According to an official statement by the IGR Maharashtra, “During the preparation of these rates, meetings were organised with developers, property dealers and stakeholders involved in the valuation process. Based on the instructions and suggestions gathered from these meetings and public participation, the feedback and objections were considered. After thorough verification, the rates have been revised accordingly.”

The last RR rates were revised in 2022-23 when the average rate was increased by 5%. Mentioned below is the RR rate that has been prevalent in the state from 2015-16 to 2024-25.

Source: IGR Maharashtra

Industry opinion

Prashant Sharma, president, NAREDCO Maharashtra

The increase in Ready Reckoner rates across Maharashtra is a significant development that 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.

Shraddha Kedia-Agarwal, director, Transcon Developers

The increase in Ready Reckoner rates 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.

Samyak Jain, Director, Siddha Group

The recent adjustment in RR rates 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.