In a move that will further push up real estate prices in Maharashtra, the State government has revised the Ready Reckoner Rates (RRR) upwards for the Financial Year 2025-26. The revised rates, which are used to determine property values for stamp duty and registration charges, will come into effect from Tuesday.
The average hike in RRR across Maharashtra stands at 4 per cent, according to a notification issued late on Monday by the State Registration and Stamps Department.
The announcement marks the first revision since 2022-23, with speculation having earlier hinted at a potential increase of up to 10 per cent in certain regions.
3.4 per cent hike in Mumbai
Mumbai, the commercial and financial capital of the State, will see a 3.4 per cent hike in RRR —slightly below the State average. While this may come as a relief for homebuyers in the city, several key urban centres have witnessed steeper increases with Thane at 8 per cent, Solapur at 10 per cent, Ulhasnagar at 9 per cent, Navi Mumbai at 7 per cent, Nashik at 7 per cent, Pune at 4 per cent and Panvel at 4.97 per cent.
Municipal corporation areas outside Mumbai have collectively registered an average increase of 6 per cent, whereas rural areas have recorded an average hike of 4 per cent.
Prashant Sharma, President, NAREDCO Maharashtra, said the increase in RRR will directly impact property valuations and overall cost of acquisition for homebuyers.
The hike comes when the sector is moving steadily and affordability plays a key role in driving demand. This increase may deter fence-sitting buyers and developers already grappling with high input costs, he said
Cascading effect
Shraddha Kedia-Agarwal, Director, Transcon Developers, said the move will have a cascading effect on overall property pricing, especially in prime urban markets such as Mumbai where the base property prices are already high.
It impacts stamp duty and registration charges, thereby increasing the burden on end consumers, she said.
Samyak Jain, Director, Siddha Group, said a phased revision of RRR could help sustain real estate momentum and ensure a smoother transition.
