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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Maharashtra govt increases Mumbai's ready reckoner rates by 3.4%, state average 3.9%
Mumbai will witness an average 3.39% hike, while the average hike across the state is 3.89%.
Municipal corporation areas across the state, except Mumbai, will witness an average increase of 5.95%, while municipal councils and nagar panchayats will see a 4.97% hike. Urban areas will see a 3.29% rise, and rural regions will witness an average increase of 3.36%, the state government said in a statement.
The impact is particularly significant in cities like Navi Mumbai with 6.75%, Thane with 7.72%, Nashik 7.31%, and Solapur 10.17% increase, where the hikes are steeper. Developers and investors are concerned about rising costs, as construction expenses and premiums may put pressure on the market.
“We appreciate 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,” said Niranjan Hiranandani, chairman of developers’ body NAREDCO.
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According to him, ready reckoner revised at an average 5-7% across the state will drive up the property cost and hurt the affordable housing segment. He urged policymakers to adopt a balanced approach to sustain growth momentum while ensuring housing affordability in the real estate market.
With Mumbai's property prices already at premium levels, the revised RR rates could make homeownership more expensive. Experts predict
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