In relief for homebuyers, Maharashtra keeps ready reckoner rates unchanged

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Mumbai's real estate market saw over 11,000 property registrations in March, generating over Rs 1,111 crore in revenue. Several big-ticket price houses were sold in this period.

Providing major relief to homebuyers, the Maharashtra government has kept the ready reckoner rates for the financial year 2023-24 unchanged, according to a notification issued by the revenue department’s Mumbai office.

The rates were increased by 5.86 per cent in 2017-2018. They were stable for two years but increased by 1.74 per cent in 2020-2021. In 2022-23 the rates were increased by over 8 per cent in municipal corporations excluding Mumbai.

Niranjan Hiranandani, managing director of Hiranandani Group, said the industry welcomed the government decision to maintain the ready reckoner rates. “The move will unarguably bode well for the homebuyers sentiment and relieve developers under inflationary pressure, particularly those developing affordable housing. Such conducive fiscal support from the government will sustain the demand rally and fuel real estate volumes,” he said.

Hitesh Thakkar, vice-president of the National Real Estate Development Council (Maharashtra West), one of the apex bodies of real estate developers, said, “Since the RR (ready reckoner) rates remain unchanged for the year 2023-24, the project cost will not increase. If the rates had been increased, ultimately the homebuyer would have suffered, which won’t be the case now as the ticket price will not see any increase.”

Kishan Bhagwat, a resident of Andheri looking to buy a house in Mumbai, is happy that the ready reckoner rates had not been increased. “I visited a few developers’ project sites and everyone was warning that the prices will increase further with a change in RR rates starting from this April. Therefore, I had decided to hold my decision of homebuying. Now with no change in rates, I will once again plan on buying a house.”

Ram Raheja, managing director at S Raheja Realty, said, “Despite recent rises in interest rates, Mumbai’s real estate market continued to be robust in March. Due to the persistent desire of homebuyers to own a home, the market saw a rise in property registrations, which reached their highest level for the fiscal year 2023 in March 2023.”

Raheja said the government decision to keep the ready reckoner rate unchanged showed the strength of the Mumbai real estate market “and the government’s initiative to support the sector, which is thriving despite adverse conditions”.

Mumbai’s real estate market saw over 11,000 property registrations in March, generating over Rs 1,111 crore in revenue. Several big-ticket price houses were sold in this period.

Source: www.indianexpress.com

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