PUNE: The state govt is likely to revise and raise the ready reckoner rate (RRR) — the state’s benchmark for property valuation — in the financial year 2025-26.
Sources hinted at a possible upward revision following discussions between the finance and revenue departments earlier this week, senior revenue officials told TOI on Friday.
The proposed revision comes after rates remained unchanged for three years and it aimed to bolster the state exchequer following the launch of several welfare schemes — including the Ladki Bahin Yojana and its proposed subsidy increase to be implemented in April — sources added.
The RRR is the minimum rate based on which the govt charges registration fees and stamp duty for any transaction related to property. Stamp duty is calculated on the RRR or the actual value of the transaction — whichever be higher.
“The revenue and finance departments want an increase in the RRR in the coming fiscal after maintaining status quo for the last three years. While the emphasis is on rationalising the rates, there is bound to be a 5%-10% increase in certain zones that have not seen any revision for a long time — despite increased property registrations,” officials said.
However, they said the state govt’s final decision will be announced on March 31.
Last year, the state revenue department issued a notification to not revise the rates as conveyed by the state govt as the new RRR is applicable from April 1 every year.
Work of district-wise discussion on RRR is already on at the district level and is expected to be completed soon. The state registration department is expected to submit a final report after proper evaluation.
In 2022, the state increased the RRR by an average of 5% in Maharashtra. The rates increased by 8.15% in Pune district. Since then, there has been a status quo. A revision is inevitable after three years, officials added. Earlier, the govt also implemented a 1% metro cess stamp duty in metro cities, increasing the cost of property acquisition.
Officials attending recent departmental meetings suggested implementing GIS mapping for more accurate valuations and also taking a cue from similar exercises in Karnataka, Madhya Pradesh and Tamil Nadu. “The best practices to evaluate zone-wise rates will be replicated in Maharashtra even as the state works on GIS mapping,” said a revenue official.
The revenue target has also been revised from Rs55,000 crore in the current fiscal to Rs66,000 crore in fiscal 2025-26, sources said, adding, “The revenue target of Rs55,000 cr for the current fiscal may undergo revision to Rs60,000 cr. We should be able to achieve it.”
Developers have opposed the increase in RRR and said it would affect market buoyancy by making property more expensive. Associations have been requesting that RRR not be hiked since it would come at a time when the realty sector is buoyant. “Instead, the state should announce sops to reduce the stamp duty. Already a 1% metro cess on stamp duty is being collected,” said Credai members.
