Business Standard-Maharashtra hikes property rates: What 3.9% RR rate increase means for you
The Maharashtra government has increased the "ready reckoner" (RR) rates for the financial year 2025-26, which are used for property valuations related to stamp duty and taxes. This marks the first increase in two years. Mumbai will see a 3.39% hike in these rates, while other areas in the state will experience a larger average increase of 3.89%. Notably, cities like Navi Mumbai, Thane, and Nashik will face steeper hikes, reaching up to 10.17%.
"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.
