Maharashtra govt maintains status quo on property ready reckoner rates
Maharashtra has decided not to make any changes to ready reckoner rates for the financial year 2024-25. The rates--minimum per sq ft value set by the government used for calculation of taxes, premiums, etc--were last changed in 2022.
The government of Maharashtra has fetched revenue worth nearly Rs 36,000 crore through stamp duty collection and registration charges in the financial year 2023-24.
Realty developers expect the state government’s decision to maintain status quo on ready reckoner rates will support the sector, especially the affordable housing segment.
“This is a positive step taken by the government which will help improve market sentiments and boost the property market. We had requested the state government to not increase the ready reckoner rates and we thank them for keeping the rates unchanged. This will be a great step to sustain the growth momentum,” said Prashant Sharma, president, NAREDCO Maharashtra.
Key property markets in Maharashtra including Mumbai, Pune, and Nashik have been witnessing robust demand and sales activity over the last three and a half years and the outlook also remains positive.
«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 commend the government's foresight in supporting the property market's resilience and look forward to continued collaboration for a thriving real estate landscape,” said Domnic Romell,
