The Ready Reckoner Rates (RRR) modification in Maharashtra is anticipated to raise property prices in the 2025–2026 fiscal year. On April 1st, the revised rates that establish property values for stamp duty and registration fees went into force.
According to the State Registration and Stamps Department, the average RRR hike across Maharashtra stands at 3.89%. This marks the first revision since 2022-23, though earlier speculations had suggested an increase of up to 10% in certain regions.
While Thane (7.72%), Solapur (10.17%), Ulhasnagar (9%), Navi Mumbai (6.75%), Nashik (7.31%), Pune (4.16%), and Panvel (4.97%) will witness greater hikes, Mumbai will receive a 3.4% increase, which is slightly less than the state average.
Industry experts warn that the revision may lead to higher property transaction costs, particularly in areas with significant hikes. Prashant Sharma, President of NAREDCO Maharashtra, expressed concerns that the increased rates could deter potential buyers and add pressure on developers already dealing with high input costs.
The possible impact on inexpensive and mid-income housing was emphasised by Domnic Romell, President of CREDAI-MCHI, who also warned that the hikes would make homeownership more difficult for first-time purchasers.
Rohit Gera, Managing Director of Gera Development, noted that while the intention is to align RRR with market rates, the system could disproportionately affect affordable housing. He suggested that the government adopt a more refined pricing model that accounts for amenities rather than using an average rate system.
Stakeholders encourage authorities to adopt a balanced approach as property prices rise in order to guarantee affordability and sustained real estate growth.
Source: ET Now
