The Maharashtra government has revised the ready reckoner (RR) rates for property valuations, applicable for stamp duty and taxation, for the financial year 2025-26. After keeping the rates unchanged for the last two years, Mumbai will see an average increase of 3.39%, while the state overall will experience a 3.89% hike. Municipal corporation areas across the state, excluding Mumbai, will see a larger increase of 5.95%, with municipal councils and nagar panchayats witnessing a 4.97% rise.
Urban areas will see a 3.29% rise in RR rates, while rural regions will face an average increase of 3.36%. The most notable hikes are in cities like Navi Mumbai (6.75%), Thane (7.72%), Nashik (7.31%), and Solapur (10.17%), where the increases are particularly steep.
This adjustment in rates is expected to impact the construction and real estate markets, especially developers and investors, as it could lead to higher costs. Niranjan Hiranandani, Chairman of NAREDCO, expressed appreciation for the marginal increase in Mumbai's RR rates but highlighted concerns about rising construction costs due to increased development expenses, additional FSI, and municipal charges. The revision of RR rates across the state is expected to drive up property costs, potentially impacting the affordable housing sector.
Experts caution that with Mumbai’s already high property prices, these new RR rates could make home ownership more expensive. Developers may pass on the additional financial burden to buyers, further increasing the costs in Maharashtra’s key real estate markets.