Daijiworld Media Network- Mumbai

Mumbai, Apr 1: Buying property in Maharashtra is set to become more expensive as the state government has announced an increase in ready reckoner rates by 3.89% effective from April 1. The revision applies to both urban and rural areas across the state.

Ready reckoner rates, also known as circle rates or guidance values in some states, are the benchmark prices determined by the government for property registration. They are used to calculate stamp duty and registration charges during property transactions.

According to the state's revenue department, the hike aims to align official property valuations more closely with prevailing market rates. While the increase is moderate compared to previous years, it is expected to impact the real estate sector, especially prospective buyers and developers.

Industry experts have expressed concerns that the revised rates may dampen the real estate market's recovery, which has been gradually improving post-pandemic. They have urged the government to reconsider the hike, citing its potential impact on affordability and transaction volumes.

The state government, however, maintains that the adjustment is necessary to enhance revenue collection and ensure transparency in property dealings.