Real estate developers hail Maharashtra govt’s decision not to modify Ready Reckoner rates

There’s good news for home seekers as the Government of Maharashtra has decided to retain the Ready Reckoner rates for the financial year 2023-24. Real estate developers have lauded the decision as it has far-reaching ramifications for property transactions. The slightest hike in Ready Reckoner rates has a multiplier effect for the purchasers and thereby, on the overall market sentiment as well.

Commenting on the decision, Sandeep Runwal, President, NAREDCO Maharashtra, said, "We appreciate the state government’s decision to not raise the ready reckoner rates in the state for 2023 -24. This is a positive step taken by the government, which will help improve market sentiments; and was the need of the hour with property prices on an upswing. Also, we hope the government can actually reduce the Ready Reckoner rates, which will bring the cost of homes down and will be a big benefit to the home buyer."

Concurring with his opinion, Pritam Chivukula, Treasurer, CREDAI-MCHI, shared, "We welcome the state government’s decision to not increase the Ready Reckoner rates. Home buyers will have much to cheer about given that property prices will not go up as for now. This move will improve market sentiments which were presently low, given rising property prices. Now, we can expect more and more home buyers to come forward and buy their home before any further increase in property rates."

Ayushi Ashar, Director, Ashar Group, explained, “We welcome the move by the government of Maharashtra not to increase the Ready Reckoner rates. The market has been stable after a period of volatility and this decision will be big relief for homebuyers. The cost associated with real estate in Mumbai are on the higher side and a 1% rise in Ready Reckoner rates correspondingly increases 3% to 4% of construction costs. With market sentiment improving, we hope that in the future the government will consider reducing the Ready Reckoner rates.”