Homebuyers in Maharashtra have received a positive update as the state government has chosen to maintain the ready reckoner rates unchanged for the upcoming financial year 2024-2025.

Real estate experts have emphasized that the demand in the real estate market will experience a notable boost due to the steady ready reckoner rates, which directly impact property acquisition costs.

In a move aimed at providing relief to homebuyers, the Maharashtra government has decided to maintain the ready reckoner (RR) rates unchanged for FY 2024-25, announced just before the auspicious occasion of Gudi Padwa. This decision ensures that property prices will not witness an increase attributed to ready reckoner rates for the upcoming year.

Ready reckoner rates serve as the benchmark values for real estate transactions. They are crucial for calculating capital gains under income tax and determining the stamp duty and registration charges payable to the state government by property buyers.

These rates are intricately linked to various premiums, charges, and floor space index (FSI) rates applicable in different municipal corporations. They are revised at the start of each financial year in Maharashtra and are also known as 'circle rates' or 'guidance value' in other regions across the country. The rates can vary based on the location and type of property, such as residential, commercial, or industrial.

This decision by the state government has been widely appreciated by the real estate sector. Domnic Romell, president of CREDAI-MCHI, expressed that the unchanged rates will offer stability and encourage investment, creating a favorable environment for growth.

Stable ready reckoner rates provide homebuyers with predictability in property prices, allowing them to plan their investments more confidently. Moreover, such stability can stimulate demand in the real estate market as buyers perceive prices to be steady, leading to increased sales and transactions. This positive impact extends to developers and other stakeholders by maintaining a steady revenue stream and business activity.

Prashant Sharma, president of NAREDCO Maharashtra, hailed the government's decision as a positive step that would improve market sentiments and bolster the property market, sustaining its growth momentum.

Recent data from ANAROCK indicates a significant surge in housing sales in Pune and the Mumbai Metropolitan Region (MMR), which together accounted for 51% of total sales. Pune witnessed a 15% increase in housing units sold compared to the previous year's first quarter, while MMR recorded a 24% rise. Aditi Watve from ANAROCK highlighted the consistent high demand in these cities, especially for larger configurations and luxury homes, attributing it partly to the Fear Of Missing Out (FOMO) phenomenon.

The ongoing stability in ready reckoner rates is expected to further enhance this demand environment, positively impacting property acquisition costs and revenue from property registrations, thereby contributing to a healthy real estate market.