Despite RR rate hike, property registration in Maharashtra sees steady growth

The state has set a target of ₹63,500 crore from stamp duty and registration fees for the current financial year.

Mumbai: Despite the hike in ready reckoner (RR) rates from April 1 after a gap of three years, the revenue of the cash-strapped Maharashtra government has not been negatively impacted. The state collected ₹28,072 crore in the first six months of FY 2025-26—higher than the ₹26,234 crore collected during the same period in the previous financial year.

Mumbai, India - April 22, 2023: Aerial view of Mazgaon and Byculla, in Mumbai, India, on Saturday, April 22, 2023. (Photo by Anshuman Poyrekar/ Hindustan Times) (Anshuman Poyrekar/HT PHOTO)

According to data released by the state revenue department, 22.22 lakh (2.22 million) flats, properties, and documents were registered between April 1 and September 30 across Maharashtra. In comparison, 21.06 lakh (2.11 million) documents were registered during the same period last year. The highest revenue was generated in July 2025, with ₹5,155 crore collected—8.12% of the total targeted revenue for the year.

The state has set a target of ₹63,500 crore from stamp duty and registration fees for the current financial year. This represents the second-largest contributor (8.39%) to the state’s total expected tax revenue of ₹3.88 lakh crore in FY 2025-26.

“The rise in revenue is owing to natural growth in the sector and also because of the relatively lower increase in flat prices compared to the past,” said an official from the revenue department.

For FY 2025-26, the state government raised RR rates by 3.89% across Maharashtra. The increase was 5.95% in urban areas governed by municipal corporations, but only 3.39% in Mumbai—the second-lowest hike after Nanded.

Ravindra Binwade, inspector general of registration and controller of stamps, said that the RR rate hike has not impacted property sales. “We will achieve our target set by the government and, in fact, expect to cross it significantly once the guidelines for the Tukada Bandi Law are issued and registration of 50 long-pending small-size plots begins. We are planning digitisation and modernisation of the existing system, which we expect will help increase property registrations. The rise in RR rates was not too steep and came after three years. The gap between market prices and RR rates is still large, so the burden of the hike is relatively low.”

Binwade also noted that the last three months of the fiscal year typically witness the highest revenue generation, making it likely that the target for the ongoing year will be achieved.

The revenue department official quoted earlier added that, like in the past two years, stamp duty revenue is expected to exceed the target and could cross ₹65,000 crore.

Pankaj Kapoor, founder and managing director of Liases Foras Real Estate Rating and Research Private Limited, said, “The price growth of flats is lower than inflation, besides the discounts and offers provided by builders to consumers. This has improved affordability. Compared to the past five years, the current supply is the highest, which is helping to keep prices in check.”

Kapoor added that if builders passed on their increased profit margins due to reduced GST on construction materials, it could further boost sales. “But it is unlikely to happen as sales are already growing steadily,” he said.