Maharashtra's Property Registrations Remain Robust Despite RR Rate Hike
Despite a recent increase in ready reckoner (RR) rates, property registrations in Maharashtra continue to show strong performance, with the state collecting nearly half of its annual revenue target before Diwali.
MaharashtraReal EstateProperty RegistrationsReady Reckoner RateRevenueReal Estate MaharashtraOct 14, 2025
The state inspector general of registration and stamps, Ravindra Binwade, stated that the collection showed that the recent rate hike did not affect buyer sentiment. He noted, “Property registrations have remained steady since April (start of the financial year), and the rise in RR rates hasn't had any negative impact. Robust high-value transactions, consistent monthly registrations, and a buoyant real estate market have all driven this growth.”
Between April and September this year, a total of 22.2 lakh documents were registered across the state, compared to 21 lakh-odd during the same period last year, highlighting sustained demand. The department recorded its highest revenue in July at Rs 5,156 crore, followed by September (Rs 5,099 crore). The RR rates increased by an average of 3.9% starting April. Binwade added that the revision in RR rates was reasonable and came after a three-year pause. The department is also actively promoting digitization and upgrading systems to improve operational efficiency.
A senior official from the revenue department indicated that the trend of exceeding revenue targets for two consecutive years was 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. In light of the state's revenue deficit, the department has revised its target and RR rates upwards to boost collections.
Shantilal Kataria, executive council member of Credai national, said the real estate market 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.
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.
This upward trend is fueled by accelerated infrastructure development, a surge in luxury and premium project launches, and a favorable policy environment. Anuj Puri, chairman of Anarock Group, said, “Maharashtra stands out as the most robust and resilient state in India in terms of real estate performance and growth.”
Here’s a breakdown of the property registrations and revenue for the fiscal year 2024-25 and 2025-26:
2024-25
Month | Registration | Revenue (in cr)
April | 3,35,799 | 3,867.4
May | 3,81,088 | 4,335.4
June | 3,67,502 | 4,400.1
July | 3,66,146 | 4,700.8
August | 3,51,500 | 5,031.9
September | 3,04,029 | 3,998.6
2025-26
Month | Registration | Revenue (in cr)
April | 3,70,852 | 3747.1
May | 3,82,496 | 4,736.6
June | 3,79,995 | 4,440.5
July | 4,03,079 | 5,155.8
August | 3,31,710 | 4,916
September | 3,54,292 | 5,099.4
Frequently Asked Questions
What is the ready reckoner rate in Maharashtra?
The ready reckoner rate is the government-determined value of a property for the purpose of calculating stamp duty and registration fees. In Maharashtra, the RR rates increased by an average of 3.9% starting April 2023.
What is the annual revenue target for stamp duty and registration fees in Maharashtra?
The annual revenue target for stamp duty and registration fees in Maharashtra for the current financial year is Rs 63,500 crore.
How has the real estate market in Maharashtra performed despite the RR rate hike?
Despite the RR rate hike, property registrations in Maharashtra have remained strong, with the state collecting nearly half of its annual revenue target before Diwali.
What factors are driving the robust real estate market in Maharashtra?
The robust real estate market in Maharashtra is driven by robust high-value transactions, consistent monthly registrations, increased supply, festive discounts, and a slower pace of price escalation compared to inflation.
What is the expected revenue collection for the fiscal year 2023-24?
Officials are confident that final collections will likely exceed the Rs 63,500 crore target, given the strong performance in the first half of the fiscal year and the typically strong October-December period.
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