Maharashtra Ready Reckoner Rates Unchanged in FY 2023-24

Maharashtra Ready Reckoner Rates Unchanged in FY 2023-24

In what could be considered a pro-people and pro-real estate action, the Maharashtra government has maintained the ready reckoner rates for the fiscal year 2023-24, according to a notification from the Mumbai office of the revenue department.

In 2017-2018, the Ready reckoner rates in Maharashtra increased by 5.86%. They were stable for two years prior to a 1.74 percent increase in 2020-2021. In 2022-23, municipal corporations, excluding Mumbai, saw a rate increase of more than 8 percent.

The fact that Mumbai's real estate market had over 11,000 property registrations in March 2023, generating over Rs 1,111 crore in revenue for the state, contributed to the government's decision to maintain the current ready reckoner rate.

Unquestionably, the move will improve the sentiment of homebuyers and alleviate inflationary pressure on developers, especially those creating affordable housing. This type of fiscal assistance from the government will sustain the demand for real estate and increase property sales throughout the entire state of Maharashtra.

Since RR (ready reckoner) rates remain unchanged for 2023-24, there will be no increase in project costs. It is a win-win situation for everyone in the real estate ecosystem if the ready reckoner rates in Maharashtra are not increased, as this will undoubtedly keep real estate prices in check, thereby bolstering sales.