Ready reckoner rate increased by 4.39 per cent in Maharashtra

Surge in ready reckoner rates will increase stamp duty charges for homebuyers as property costs will now go up. Representational pic

The Maharashtra government on Monday raised the ready reckoner rate by 4.39 per cent across the state for the financial year 2025-26. The new rates were announced late on Monday by Ravindra Binwade, Inspector-General of Revenue (IGR) and Controller of Stamps. These new rates will be applicable from April 1.

While there were speculations that the Maharashtra government is considering to increase the ready reckoner rates by 10 per cent, the final verdict did bring some relief as the rates have been increased marginally by 4.39 per cent. Though there is no change on stamp duty percentage, increase in ready reckoner rates will increase stamp duty charges for the homebuyers as property costs will now go up.

'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,' stated the statement released by the IGR department.

The proposed rates in various parts of the state include:
- Rural areas - 3.36 per cent
- Urban areas - 3.29 per cent
- Municipal corporation/municipal councils - 4.97 per cent
- Metropolitan municipalities (excluding Mumbai) - 5.95 per cent
- State-wide average - 4.39 per cent
- Greater Mumbai Municipal Corporation average - 3.39 per cent
- Total state-wide average - 3.89 per cent

"NAREDCO (National Real Estate Development Council) appreciates the state government's move to revise Mumbai ready reckoner rates marginally. With Mumbai's real estate market witnessing a surge in redevelopment activities, this upward revision in rates will escalate construction costs, as development expenses, additional FSI, and municipal charges are directly linked to it. Furthermore, ready reckoner revised at an average 5 per cent across the state of Maharashtra will drive up the property cost and indeed hurt the affordable housing segment. NAREDCO urges policymakers to adopt a balanced approach to sustain growth momentum while ensuring housing affordability in the real estate market," said Niranjan Hiranandani, chairman, NAREDCO.