Maharashtra government has not to increase the ready reckoner (RR) rates in the state for fiscal 2023-24. This means that buyers will not see any jump in prices anytime soon.
Ready Reckoner Rates in Mumbai are the minimum rates at which properties are valued by the state government, and they are used to calculate the stamp duty and registration charges for property transactions.
According to a report of Money Control, In 2022-23, except Mumbai, the ready reckoner rates of all municipal corporations were increased by 8.8 percent from April 1, 2022. Before 2022-23, the last increase was before the onset of the Covid-19 pandemic, when rates were raised by 5.86 percent in 2017-2018. The rates were stable for two years and increased by 1.74 percent in 2020-2021.
Any hike in RR would be catastrophic for the demand, especially in the affordable sector, given a high-interest rate regime and low demand in most categories. Demand in most housing categories except the luxury segment has stalled off late.