In other parts of India they are known as ‘circle rate’ or ‘guidance value’. The rate changes within the same area as it depends upon the properties like residential, commercial, and industrial.
In a big relief to homebuyers, the Maharashtra government has decided to keep the ready reckoner (RR) rates unchanged in the state for FY 2024-25. The decision, especially before the auspicious Gudhipadwa, is considered as a better way to increase the demand in houses and the real estate sector is expecting a good response by home buyers after the news.
On March 31, Maharashtra government announced that the ready reckoner rates will remain unchanged for the financial year 2024-2025, reported Hindustan Times.
What Are Ready Reckoner Rates?
Ready reckoner rates are used for calculation of capital gains under income tax and helps to decide the stamp duty and registration charges which are paid by the home buyers to the state government.
It also includes floor space index (FSI) rates payable to municipal corporations. Ready Reckoner Rates are announced at the beginning of every financial year in Maharashtra.
In other parts of India they are known as ‘circle rate’ or ‘guidance value’. The rate changes within the same area as it depends upon the properties like residential, commercial, and industrial.
Real Estate Sector On Ready Reckoner Rate Unchanged
President of CREDAI-MCHI, the apex body of real estate sector of Mumbai Metropolitan Region (MMR) on the unchanged ready reckoner rates and stamp duty charges, “As the Maharashtra government maintains the Ready Reckoner rate and stamp duty on property registrations, it’s a significant relief for property buyers, home seekers, and the real estate sector at large.
This decision promotes stability and encourages investment, fostering a conducive environment for growth. We strongly believe that this move is also prompted by the robust contribution of the real estate sector into the state economy. We commend the government’s foresight in supporting the property market’s resilience and look forward to continued collaboration for a thriving real estate landscape.”
How Will No Change In Ready Reckoner Help Homebuyers?
Domnic Romell, President of CREDAI-MCHI, the apex body of real estate sector of Mumbai Metropolitan Region (MMR) “For home buyers, stability in these rates means greater predictability in property prices, allowing them to plan their investments with more confidence. With consistent rates, buyers can avoid sudden spikes in costs, making homeownership more attainable and reducing financial uncertainty. Additionally, stable rates can stimulate demand in the real estate market.
(With Inputs from ANI)