The Free Press Journal-Maharashtra Govt Likely To Raise Ready Reckoner Rates By 10%; Real Estate Sector Calls For Balanced Approach
The Maharashtra government is contemplating to revise and raise the Ready Reckoner (RR) rate, the state’s benchmark for property valuation, by up to 10% in the upcoming financial year 2025-26.
Dr. Niranjan Hiranandani, Chairman of NAREDCO, highlighted the long-standing disparity between RR rates and market rates due to regulatory lags. “Market rates fluctuate based on demand, location, and economic conditions, which RR rates may not fully capture. The increase in ready reckoner rates will elevate costs for developers and homebuyers in an already competitive market. While the revision will increase stamp duty revenues for the government, it could further disincentivize affordable housing. A balanced approach is needed to ensure sustainable growth in the real estate sector,” he stated.
