The Maharashtra government has announced a 3.9% increase in ready reckoner rates, affecting property transactions in the state. This move has significant implications for homebuyers and the real estate market, especially in Mumbai where redevelopment activities are on the rise.
Ready Reckoner RatesReal EstateHomebuyersMaharashtraProperty PricesReal Estate MumbaiApr 01, 2025
Ready reckoner rates, also known as circle rates, are the minimum rates at which a property can be registered. They are used to calculate stamp duty and registration fees for property transactions.
The increase is part of the government's effort to align the rates more closely with the current market value of properties, helping to curb speculative transactions and ensure fair revenue collection.
Homebuyers will face slightly higher costs due to increased stamp duty and registration fees, which are calculated based on the higher ready reckoner rates.
While it may add to the financial burden of buyers, experts believe the 3.9% hike is moderate and will not have a significant dampening effect on the market. It could lead to a more transparent and stable market.
Aligning ready reckoner rates with market values helps in reducing the gap between official rates and actual transaction prices, curbing under-reporting and tax evasion, and leading to a more stable and transparent market.
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