Maharashtra's Pre-Diwali Property Boom: ₹29,795 Crore Revenue Despite Ready Reckoner Rate Hike

Maharashtra's Property Revenue Soars to ₹29,795 Crore Pre-Diwali Despite Ready Reckoner Rate Hike

Maharashtra's real estate sector has demonstrated remarkable resilience by generating nearly ₹29,795 crore in stamp duty and registration revenues by October 12, accounting for 46.9% of the state's annual target. This impressive performance comes ahead of the traditional Diwali sales peak and follows a ready reckoner rate revision implemented in April—the first adjustment in three years—which has notably failed to dampen buyer enthusiasm or transaction volumes.

Rate Revision Fails to Deter Buyer Sentiment

The state's property market has remained robust despite an average 3.9% increase in ready reckoner rates rolled out earlier this year. The sector has witnessed sustained momentum driven by high-value property transactions, consistent monthly registrations, and a surge of new project launches across key urban centers. According to official data, revenue from stamp duty and registrations climbed 7% year-on-year, rising from ₹27,834 crore collected during the corresponding period last year.

State Inspector General of Registration and Stamps, Ravindra Binwade, confirmed that the revised rates had minimal impact on buyer sentiment. He noted that registration activity had remained stable since April, demonstrating the market's ability to effectively absorb the rate adjustment without significant disruption.

Premium Property Transactions Drive Revenue Growth

The revenue surge has been largely attributed to strong demand in the mid-income to premium housing segments, particularly across major urban growth corridors in Pune, Mumbai's evolving property landscape, Thane, and Nagpur. Key performance indicators from the period reveal substantial market activity:

• Approximately 22.2 lakh documents were registered between April and September 2025
• This represents an increase from 21 lakh documents registered during the same period in the previous year
• July emerged as the strongest month, recording revenue of ₹5,156 crore
• September followed closely with ₹5,099 crore in collections

These figures reflect a healthy diversification across new project registrations, resale transactions, and land deals, indicating sustained depth in both end-user demand and investor interest across Maharashtra's premium real estate segments.

Festive Season Expected to Further Boost Transaction Activity

As the festive season gathers pace, real estate developers and state authorities anticipate continued growth through the remainder of the fiscal year. Shantilal Kataria, executive council member of CREDAI National, observed that Dussehra sales trends had already signaled strong momentum, which is expected to accelerate through Diwali and extend into December.

He highlighted several market drivers contributing to sustained buyer interest:

• Extensive inventory availability across multiple price segments
• Attractive festive offers and flexible financing schemes from developers
• Relatively moderate price escalation compared to overall inflation trends
• The highest supply levels witnessed in five years, contributing to price stability

Kataria emphasized that enhanced buyer confidence, stemming from improved inventory transparency and regulatory clarity under MahaRERA, is encouraging previously hesitant buyers to enter the market.

State Poised to Surpass Annual Revenue Target

A senior official from the Revenue Department indicated that Maharashtra appears on course to exceed its FY25 target of ₹63,500 crore, with projections suggesting the state could cross ₹65,000 crore by March 2026. This would mark the third consecutive year of outperforming revenue expectations—a trajectory supported by several converging factors:

• A revitalized real estate sector with strong fundamentals
• Consistent launch activity from major developers
• Sustained end-user demand across residential segments
• Strategic and measured ready reckoner rate revisions
• Enhanced digital registration infrastructure reducing transaction friction

Binwade further confirmed that digital integration initiatives and system upgrades have streamlined operations, minimized processing delays, and significantly improved the overall registration experience—factors that have indirectly contributed to increased revenue throughput and record registration volumes in major cities.

Policy Stability and Market Dynamics Align for Continued Growth

Maharashtra's real estate market has effectively demonstrated that carefully calibrated policy adjustments need not stifle demand when implemented with appropriate timing and transparency. The combination of measured ready reckoner rate revisions, record-high supply levels, and technology-enabled administrative efficiency has enabled the state to advance toward revenue objectives while maintaining robust buyer confidence.

With festive season momentum building and urban housing demand remaining resilient, the final quarter of the fiscal year could see Maharashtra establish a new benchmark for property registration revenue performance once again.

Disclaimer: This news article is based on information available from various sources as of the publication date. While efforts have been made to ensure accuracy, readers are advised to verify details independently. Revenue figures, market projections, and policy information are subject to change. Property buyers and investors should conduct their own due diligence and consult relevant authorities and financial advisors before making real estate decisions.