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In a move aimed at providing relief to homebuyers, the Maharashtra government has decided to maintain the ready reckoner (RR) rates in the state for the fiscal year 2024-25 unchanged. This decision comes just before the auspicious occasion of Gudi Padwa, bringing assurance to property buyers that they will not experience any increase in property prices due to RR rates for the upcoming year.
The state government officially announced on March 31 that the ready reckoner rates would remain unchanged for the financial year 2024-2025.
Understanding Ready Reckoner Rates:
Ready reckoner rates serve as benchmark values for real estate properties. They play a crucial role in various financial calculations, including the computation of capital gains under income tax and determining the stamp duty and registration charges payable by buyers to the state government.
These rates are intricately linked to all premiums and charges, as well as floor space index (FSI) rates payable to municipal corporations. Typically, these rates are released at the commencement of each financial year in Maharashtra.
Known by various names such as ‘circle rate’ or ‘guidance value’ in other parts of the country, these rates exhibit variations across different areas. Moreover, within a specific area, they may differ for distinct types of properties, including residential, commercial, and industrial.
