April 1, 2024: The Maharashtra government has kept the land ready reckoner rates in the state unchanged for FY 24-25, according to a notification issued on March 31 by the revenue department. The ready reckoner rate will continue to remain the same as last year. The last ready reckoner revision was done in 2022.
What is ready reckoner rate?
It is the minimum value set by a state government for properties in a particular location below which a property cannot be sold. Based on the ready reckoner rate, the stamp duty, registration charges and various types of taxes can be calculated. It is known by other names such as circle rate, guidance value in different parts of the country.
These are revised periodically by the state government and depend on factors such as location, type of property, the market behaviour etc.
Industry reaction on ready reckoner rate unchanged
According to Domnic Romell, president of CREDAI-MCHI, “As the Maharashtra government maintains the ready reckoner rate and stamp duty on property registrations, it’s a significant relief for property buyers, home seekers and the real estate sector at large. This decision promotes stability and encourages investment, fostering a conducive environment for growth. We strongly believe that this move is also prompted by the robust contribution of the real estate sector into the state economy. We commend the government’s foresight in supporting the property market’s resilience and look forward to continued collaboration for a thriving real estate landscape.”
“For home buyers, stability in these rates means greater predictability in property prices, allowing them to plan their investments with more confidence. With consistent rates, buyers can avoid sudden spikes in costs, making homeownership more attainable and reducing financial uncertainty. Additionally, stable rates can stimulate demand in the real estate market. When buyers perceive prices as stable, they are more likely to enter the market, leading to increased sales and transactions. This, in turn, benefits developers and other stakeholders in the real estate sector by maintaining a steady flow of revenue and business activity.
“CREDAI-MCHI is aligned with the state government to promote transparency and trust in the market, as buyers feel reassured that they are paying a fair and consistent price for their properties. This fosters a healthier real estate ecosystem where both buyers and sellers can engage in fair transactions. Overall, the impact of stable ready reckoner rates and stamp duty on the real estate sector in MMR is significant, as it supports market growth, encourages investment, and enhances affordability for home buyers, contributing to a more robust and sustainable real estate landscape,” he added.
Prashant Sharma – president, Naredco Maharashtra, said, “We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2024-25. This is a positive step taken by the government which will help improve market sentiments and boost the property market. This will be a great step to sustain the growth momentum.”
Pritam Chivukula, co-founder and director, Tridhaatu Realty and vice president, CREDAI MCHI, said, “We welcome the state government’s decision to not increase the RR rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments boosting the growth of the housing sector.”
Vedanshu Kedia – director, Prescon Group, said, “The Maharashtra government’s decision to call off the RR rate hike will have a positive impact on the state’s real estate market. This move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions.”
Rohan Khatau, Director, CCI Projects, said, “Our state government’s decision to maintain the current ready reckoner rates is commendable. It will undoubtedly uplift the spirits of homebuyers, especially as we approach the auspicious occasions of Gudi Padwa and Akshaya Tritiya. This proactive step by the government is poised to bolster confidence among homebuyers and foster a conducive atmosphere for the expansion of the housing sector.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected] |
With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: [email protected]
Related Posts
Pune home buyers spared, as real estate Ready Reckoner rates to remain unchanged.
Maharashtra streamlines norms for transfer of flats built on government-given land.
Maharashtra government proposes changes, to regularise illegal buildings.
Stamp duty in Mumbai hiked to 6%, properties to get costlier.
Mumbai Port Trust to create world’s largest garden in Mumbai: Gadkari.
Developers with 50 units to get MahaRERA registration in their office.
