Maharashtra Property Registrations Soar Despite RR Rate Hike

Pune: Property registrations in Maharashtra continue to show strong growth, even after the recent increase in ready reckoner (RR) rates. The state has already collected Rs 29,795 crore in stamp duty and registration fees by October 12, which is 46.9% of the current financial year's target of Rs 63,500 crore. This marks a 7% increase from the Rs 27,834 crore collected during the same period last year, despite the recent RR rate hike.

Ravindra Binwade, the state inspector general of registration and stamps, stated that the steady property registrations and robust high-value transactions have driven this growth. “The property registrations have remained steady since April, and the rise in RR rates hasn’t had any negative impact. We’ve also seen consistent monthly registrations and a buoyant real estate market,” he told TOI.

Between April and September this year, a total of 22.2 lakh documents were registered across the state, compared to 21 lakh during the same period last year. The department recorded its highest revenue in July at Rs 5,156 crore, followed by September at Rs 5,099 crore. The RR rates increased by an average of 3.9% starting April, but the revision was reasonable and came after a three-year pause.

“We’re also actively promoting digitisation and upgrading systems to improve operational efficiency,” Binwade added, expressing confidence that the department will achieve and potentially surpass its annual revenue target. A senior official from the revenue department indicated that the trend of exceeding revenue targets for two consecutive years is expected to continue. “With steady growth in the real estate sector and stable property prices, revenue collections could surpass Rs 65,000 crore this financial year,” the official said.

Shantilal Kataria, executive council member of Credai National, noted that the real estate market has maintained strong momentum since Dasara. “Sales have picked up and are expected to remain robust through Diwali and the year-end. Buyers now have a wide range of options across locations and budgets, which is driving property registrations,” he told TOI.

Kataria added that increased supply, festive discounts, and a slower pace of price escalation compared to inflation have kept homes relatively affordable. “Supply is currently at its highest in the past five years, helping stabilise prices,” he said. While the reduction in GST on construction material has improved developer margins, experts believe these savings may not be passed on to buyers. “Sales are already strong, so developers are unlikely to offer further price cuts at this stage,” a developer said.

Officials are confident that final collections will likely exceed the Rs 63,500 crore target, given that the October-December period, typically the strongest for revenue generation, is yet to come. Anuj Puri, chairman of Anarock Group, highlighted the factors driving this upward trend. “This upward trend is fuelled by accelerated infrastructure development, a surge in luxury and premium project launches, and a favourable policy environment. Maharashtra stands out as the most robust and resilient state in India in terms of real estate performance and growth,” he said.