Ready reckoner rates left unchanged

Revenue minister Chadrashekhar Bawankule said various industry associations had also urged the government to maintain status quo on RR rates

Mumbai: The state government has decided to leave ready reckoner rates unchanged for the 2026-27 financial year on account of a slow down in the real estate sector, drop in revenue collection from stamp duty and registration, and the ongoing war in west Asia which has disrupted fuel and gas supplies.

Ready reckoner rates left unchanged

Revenue minister Chadrashekhar Bawankule said various industry associations had also urged the government to maintain status quo on RR rates or minimum rates for property transactions in various areas.

“Apart from the current slowdown in the construction sector, industry bodies such as CREDAI had urged us to keep the rates unchanged. After duly considering the suggestions, objections and representations from stakeholders, the government has decided to maintain the status quo. We hope this will give a boost to the real estate sector,” Bawankule said.

The decision was taken as per directives from chief minister Devendra Fadnavis, the revenue minister noted. The state government also received instructions from the central government to keep the RR rates unchanged, said revenue department sources.

RR rates were last revised in 2025, when the average hike was 3.89% – rural areas saw a 3.36% hike while in municipality areas and municipal corporation areas, the hike was 4.97% and 5.95%, respectively.

As reported by HT on March 30, the revenue department had prepared a proposal for moderate hike in RR rates for FY 2026-27. The hike was proposed despite the prevailing geo-political situation as the government feared losing more than ₹3000 crore if rates were kept unchanged, a revenue department official said.

“The decision of not increasing the rates was taken due to pressure from the real estate sector and directives from the central government,” the official said, requesting anonymity.

Industry representatives welcomed the move, and said it would ensure stability amid troubling times.

Domnic Romell, past president of CREDAI-MCHI, an apex body of developers in the Mumbai Metropolitan Region (MMR), said the government had taken the “most-needed” step in light of the challenges the realty sector was going through.

“Inflation in raw materials is touching the roof and even materials like plastic and aluminum are short in supply. Developers cannot escalate costs because of MahaRERA regulations. The decision taken by the government is strategic and well-considered. It will offer stability to the fraternity in these difficult times,” Romell said.

Meanwhile, revenue collection from stamp duty and registration has dropped majorly in the 2025-26 fiscal year. Against the budget estimate of ₹63,500 crore and last month’s revised estimate of ₹68,032 crore, collections till the midnight of March 31 are expected to be around ₹61,000 crore. In the 2024-25 fiscal year, revenue generation was ₹58,266 crore against a target of ₹55,000 crore, while in 2023-24, it was ₹50,042 crore against a target of ₹50,000 crore.