Relief for homebuyers as Maha Govt maintains status quo on ready reckoner rates for FY24

Homebuyers in Maharashtra can breathe a sigh of relief as the state government has decided to not raise the ready reckoner (RR) rates in the state for FY 2023-24. 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:

Sandeep Runwal - President, NAREDCO Maharashtra
"We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2023 -24. This is a positive step taken by the government which will help improve market sentiments; and was the need of the hour with property prices on an upswing. Also, we hope the government can actually reduce the ready reckoner rates which will bring the cost of homes down and will be a big benefit to the home buyer."

Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory
"The Maharashtra government's decision to call off the RR rate hike could have far-reaching effects on the state's real estate market. This decision not only provides developers and property buyers with a sigh of relief, but also contributes to the property market's stability and affordability. The government has signalled its commitment to supporting the growth of the real estate industry, which is one of the key drivers of economic activity in the state, by maintaining the RR rates unchanged. Furthermore, this move is expected to boost consumer confidence and improve property market sentiment, encouraging more investments and transactions."

Pritam Chivukula, Co-founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
"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 which were presently low, given rising property prices. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates."

Manoj Patwal, Founder & MD, BetterServ Ventures Pvt. Ltd
"This is a good move by the state government by holding the ready reckoner rates and not increasing it, as was expected. This will bring a sigh of relief to home buyers who have been burdened by regular property price hikes. This decision of the government will go a long way in building home buyer confidence and creating a congenial environment for growth 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.