Maharashtra keeps ready reckoner rates unchanged

Meanwhile, in Mumbai city (area under BMC jurisdiction) in March 2024 recorded the registration of 14,411 properties, contributing a revenue of Rs 1,143 crore for the state government. As per the data available with the state, stamp registration increased by 10 per cent year-on-year (y-o-y) while revenue from property registrations dipped by 7 per cent on a y-o-y basis.

The decline in stamp duty collections is attributed to elevated stamp duty collections last year following the Centre’s decision, to limit tax deductions on capital gains earned from the sale of residential property after March 31, 2023, as per Knight Frank India, a leading real estate consultancy company.

Anand Gupta, vice president of Builders Association of India said that property registrations is seeing an uptick and to keep the momentum going, the state’s decision to keep the ready reckoner rates the same will further push property sales.

What is Ready Reckoner rate

It is the minimum valuation set by the state government for properties in a particular area. It serves as a benchmark to calculate various taxes, charges, and fees related to property transactions, including stamp duty and registration fees.

Government-appointed authorities, such as the revenue department or municipal corporation, periodically assess and revise the Ready Reckoner rates for different localities based on factors such as location, market trend and property characteristics.