Thane Developers Applaud Decision to Maintain Ready Reckoner Rates

Real estate developers in Maharashtra's Thane region have welcomed the state government's decision to keep ready reckoner (RR) rates unchanged, calling it a practical step that supports the property market.

The Confederation of Real Estate Developers Associations of India (Thane chapter) stated that stable RR rates are likely to strengthen confidence among homebuyers and investors, especially at a time when global economic conditions remain uncertain due to the ongoing West Asia crisis.

Ready reckoner rates serve as the benchmark value for property transactions and are used by the government to calculate stamp duty and registration charges. Any increase in these rates typically raises the overall cost of property purchases.

The association's president, Sachin Mirani, explained that the decision would help developers plan and price their projects more effectively, as it removes the risk of additional statutory cost increases. He indicated that stable rates allow better predictability in pricing, which can encourage both developers and buyers to proceed with transactions.

The decision comes after the state government chose not to implement a proposed 12 to 14 per cent increase in RR rates. Chandrashekhar Bawankule had indicated that the move was taken considering the global situation, particularly the ongoing tensions in West Asia, which have impacted economic sentiment.

In recent years, RR rate revisions have directly influenced property prices across Maharashtra, including key markets like Thane, Mumbai, and Pune. By holding rates steady, the government has aimed to avoid additional pressure on buyers and maintain transaction momentum in a market already facing supply constraints and cautious demand.

Developers believe that this stability may also support ongoing and upcoming projects, as pricing clarity helps in faster decision-making and reduces uncertainty in negotiations.