Ready Reckoner Rates increased by 3.9% in Maharashtra
1 April 2025 : On Monday, the Maharashtra government announced an average increase of 4.39% in ready reckoner rates (RRR) across the state for the financial year 2025-26. These updated rates, effective from April 1, are used to determine property valuations for stamp duty and taxation. The RRR establishes the minimum property value for calculating stamp duty and registration fees, helping to assess the official market value and prevent underreporting in real estate transactions. Ravindra Binwade, the Inspector General of Revenue (IGR) and Controller of Stamps, confirmed the increase. While a 10% hike had been anticipated, the final adjustment is more moderate. Nevertheless, even this smaller rise will lead to higher stamp duty costs for homebuyers due to increased property valuations. The changes will affect the entire state, including Mumbai, where the RRR has risen by 3.4%, slightly below the state average of 3.89%.
According to the IGR department, “The rates have been revised based on feedback from meetings with developers, property dealers, stakeholders, and the public, incorporating their suggestions and objections after thorough verification.”
This is the first adjustment in two years; the last revision in 2022-23 saw a 2.34% increase in Mumbai, while other regions like Pune, Konkan, and Nashik experienced larger hikes. Although this latest increase is less than expected, it will still significantly impact Mumbai’s real estate market, making home ownership more costly.
The effect of the revision varies by region. Municipal corporation areas outside Mumbai experienced the highest RRR increase at 5.95%, while rural areas recorded a 3.36% rise. Influence zones saw a 3.29% increase, and municipal councils and panchayat areas had a 4.97% hike.
The revision also introduces important structural changes. In municipal areas, property rates must now at least meet the combined value of land and construction costs. Rates falling below the minimum construction cost in influence zones and rural areas have been adjusted accordingly. Additionally, incorrect zone assessments have been revised to align with market rates.
Credit : Indian Express