Cheer for homebuyers as Maha Govt maintains status quo on ready reckoner rates for FY25

Homebuyers in Maharashtra can cheer before the auspicious occasions of Gudi Padwa and Akshaya Tritiya as the state government has decided to not raise the ready reckoner (RR) rates in the state for FY 2024-25. This means that the home buyers will not see any increase in property prices due to ready reckoner rates for a year.

Here are a few comments from the real estate experts:

Prashant Sharma - President, NAREDCO Maharashtra said, "We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2024-25. This is a positive step taken by the government which will help improve market sentiments and boost the property market. NAREDCO Maharashtra had requested the State Government to not increase the ready reckoner rates and we thank them for keeping the rates unchanged. This will be a great step to sustain the growth momentum.”

Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Vice President, CREDAI MCHI said, "We welcome the state government’s decision to not increase the RR rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments boosting the growth of the housing sector. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates."

Vedanshu Kedia - Director, Prescon Group said, "The Maharashtra government's decision to call off the RR rate hike will have a positive impact on the state's real estate market. This move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions."

Rohan Khatau, Director, CCI Projects said, "Our state government's decision to maintain the current ready reckoner rates is commendable. It will undoubtedly uplift the spirits of homebuyers, especially as we approach the auspicious occasions of Gudi Padwa and Akshaya Tritiya. This proactive step by the government is poised to bolster confidence among homebuyers and foster a conducive atmosphere for the expansion of the housing sector."

The Ready Reckoner Rates play a crucial role in determining the stamp duty and registration charges that need to be paid by the buyer while purchasing a property. They are determined based on various factors such as the location, infrastructure, amenities, and demand for the area. The rates vary from one area to another, and within an area, they may differ for different types of properties, such as residential, commercial, and industrial.