Mumbai, April 1 (IANS) The property buyers in Mumbai and rest of Maharashtra will have to shell out more money towards property transactions as the state government on Monday has increased ready reckoner (RR) rates by 3.89 per cent for across Maharashtra for 2025-26.
The RR rates are increased by an average 4.39 per cent in the state excluding Mumbai while in BrihanMumbai Municipal Corporation there is an average rise of 3.39 per cent for the year 2025-26. These rates will be effective from April 1.
According to the state Inspector General of Resignation and Stamps (IGR), the average increase in RR rates in rural areas of the state is 3.36 per cent, in urban areas 3.29 per cent, in municipal/municipal council areas 4.97 per cent, in municipal corporations 5.95 per cent (excluding Mumbai) while in Brihanmumbai Municipal Corporation are the average rise is 3.39 per cent.
The (RR) rate is the minimum rate based on which the government charges registration fees and stamp duty for any property-related transaction.
RR rates for various value zones are fixed based on factors such as average market rates, registered documents, local inquiries, local conditions, development rate, market intelligence and demand and supply conditions.
The IGR issues Annual Value Rate (ASR) and Valuation Guidelines for levying of duty on registration under the Maharashtra Land Registry (Determination of Fair Market Value of Property) Rules, 1995 on April 1 every year.
In 2022-23, the average hike in RR rates was 2.34 per cent in Mumbai, 5.36 per cent in Pune, 6.41 per cent in Konkan, 5.97 per cent in Nashik, 2.89 per cent in Chhatrapati Sambhajinagar, 6.26 per cent in Amravati, 4.46 per cent in Nagpur while for the state the average increase was 4.81 per cent.
During 2023-24 and 2024-25 the state government had continued with the RR rates of 2022-23 especially due to demand made by the ruling MahaYuti alliance legislators not to increase the RR rates in the run up to the state election and also because of volatility in the real estate sector.
Builders Association of India vice president Anand Gupta said: “The property buyers will have to pay additional cost of the same property and the government may succeed in getting more than Rs 65,000 crore of revenue towards stamp duty and registration fee in 2025-26 due to this increase. It may help the cash strapped state government to some extent tackle the financial stress. This will also lead to increase in cost of transferable development right (TDR) and floor space index premium and other development charges. This will results in additional project cost.”
Maharashtra Revenue Minister Chandrashekhar Bawankule on March 12 in the state council during the budget session had scoffed at rumours about 10 to 15 per cent rise in RR rates in Maharashtra from April 1 for the fiscal 2025-26. He told the Maharashtra Legislative Council that a survey is currently underway across the state regarding RR rates. In the past few years, RR rates have increased in some areas , while in some places the rates have been kept constant.
“There has been no rate hike in 2023-24 and 2024-25. There are talks in some media that there will be a 10-15 per cent increase in rates , but they are baseless,” he clarified.
(Sanjay Jog can be contacted at sanjay.j@ians.in)
–IANS
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