Mumbai : In a significant policy decision aimed at sustaining momentum in the real estate sector, the Maharashtra government led by Devendra Fadnavis has decided to keep Ready Reckoner (RR) rates unchanged for the financial year 2026–27.
The decision, announced by Revenue Minister Chandrashekhar Bawankule, comes into effect from April 1, 2026, and maintains property valuation benchmarks at the same levels as the previous financial year (2025–26).
Relief for Homebuyers, Stability for Developers
Ready Reckoner rates — which determine property valuations for stamp duty and registration — play a critical role in real estate transactions. By maintaining status quo, the government has avoided an increase in transaction costs, offering relief to homebuyers while ensuring pricing stability for developers.
The move assumes significance at a time when the sector is grappling with rising construction costs and global economic uncertainties. Industry bodies, including CREDAI, had urged the government to refrain from increasing RR rates to prevent dampening demand.
Industry Welcomes Decision
Real estate stakeholders across Maharashtra have welcomed the decision, calling it timely and pragmatic.
Prashant Sharma, President, NAREDCO Maharashtra, said the move would help sustain demand momentum and provide stability to the sector at a time of cost pressures.
Kamlesh Thakur, Co-founder and Managing Director, Srishti Group, said maintaining existing RR rates would ease financial strain on developers and preserve affordability for homebuyers.
Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory, noted that any upward revision could have impacted transaction volumes in a price-sensitive market like Mumbai, while Shraddha Kedia-Agarwal, Director, Transcon Developers, described the decision as progressive and confidence-boosting for both buyers and investors.
No Hike Despite Past Trends
The decision marks a departure from recent trends of periodic increases in RR rates.
- 2017–18: Average increase of 5.86%
- 2020–21: Marginal increase of 1.74% due to COVID-19
- 2022–23: Increase of 4.81%, continued for two years
- 2025–26: Increase of up to 5.95% in municipal areas (3.39% in Mumbai)
For 2026–27, however, the government has opted for a complete freeze across urban and rural regions.
Stamp Duty Revenue Crosses ₹60,000 Crore
Despite stable rates, the state has recorded robust revenue growth from stamp duty and registration.
As of March 30, 2026, Maharashtra has generated ₹60,568.94 crore in revenue from the Registration and Stamps Department.
- I-Sarita system: ₹49,534.24 crore
- Adjudication 2.0: ₹4,429.70 crore
- E-filing: ₹1,238.26 crore
- Online Leave & License: ₹316.69 crore
- Other sources: ₹5,050.05 crore
In comparison:
- 2023–24: ₹50,042.80 crore
- 2024–25: ₹58,266.07 crore
- 2025–26: ₹60,568.94 crore
The number of registered documents has also seen steady growth, reflecting sustained market activity.
Focus on System Improvements
While rates remain unchanged, the government has introduced technical refinements in valuation tables to improve accuracy and transparency.
These include:
- Integration of approved Development Plans (DP)
- Addition of new survey numbers
- Correction of village records and missing entries
Officials say these changes will streamline property registration and align valuations more closely with ground realities.
Policy Signal: Demand Over Revenue Maximisation
Explaining the rationale, Minister Bawankule said the government has taken into account market conditions, stakeholder feedback, and the need to support the construction sector.
The decision signals a calibrated approach — prioritising transaction volumes and market sentiment over immediate revenue maximisation.
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