The state government on Monday announced new rates of ready reckoner (RR) making it on an average 4.39% hike for the state, but for Mumbai it's going to be 3.39%.
The hike will come into effect from April 1 for the year 2025-26. The areas covered under municipal corporations will see the average hike of 5.95%.
The RR rates determine the base price for the property market as one can not buy or sell it below the RR rates. It also determines the stamp duty rates payable by the buyers in most of the cases.
The FPJ had reported about the approximate 5% hike recently. The biggest pinch is in store for the property buyers of Ulhas Nagar, Thane, Mira Bhayandar and Nashik as it's going to be 7.72%, 6.26% and 7.32% respectively for them. For Navi Mumbai it will be 6.75%.
From the rest of the state, it is going to make a hole into the pockets of property buyers in Solapur and Amravati as the RR rates will be 10.17% and 8.03%.
The state government has increased the RR rates for the format time after 2022-23. The rates published in the year 2022-23 were less than the rates of 2020-21 owing to the sluggish market due to the Covid pandemic.
The reasonable hike for the Mumbai city and suburbs is one the noticeable features of the state decision and it could be due to the fear of stagnancy in the most lucrative property market in India, informed sources told FPJ.
It is also said that there was tremendous pressure from the real estate market of Mumbai against the hike.
