Relief for property buyers as Maharashtra keeps ready reckoner rates unchanged

In a significant decision, the Maharashtra government has decided to keep the ready reckoner rates unchanged for the financial year 2024-25 amidst the upcoming Lok Sabha Elections. The move has provided a welcome relief to homebuyers across the state.

Ready reckoner rates play a crucial role in property transactions, serving both tax calculation and stamp duty payment purposes. These rates are linked to various premiums, charges, and floor space index (FSI) rates applicable to municipal corporations. Typically, these rates are revised at the start of each financial year. These rates, which establish the minimum per-square-foot value for tax and premium calculations, were last updated in 2022. This decision comes as the government collected approximately Rs 36,000 crore in stamp duty and registration charges during the 2023-24 fiscal year.

Real estate developers in Maharashtra are welcoming this move, especially in support of the affordable housing segment. They believe that maintaining the status quo on ready reckoner rates will bolster the property sector. Key markets like Mumbai, Pune, and Nashik have seen strong demand and sales activity over the past three and a half years, with a positive outlook ahead.

This decision provides significant relief to property buyers and home seekers. It also benefits the real estate sector as a whole by promoting stability and encouraging investment. The government’s decision is seen as a forward-thinking move that supports the resilience of the property market.

The government of Maharashtra’s decision to maintain ready reckoner rates for 2024-25 is seen as a positive step. It supports market sentiments, boosts the property market, and fosters a conducive environment for growth.