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The Maharashtra government raised the Ready Reckoner (RR) rates for the municipal corporation areas by an average of 8.8% (excluding Mumbai- 2.34%) for the financial year 2022-23. Though the RR rates have been increased after a gap of four years, it is going to impact the homebuyers as it will lead to higher taxes.
The increase in RR rates has come at a time when the stamp duty waiver is over and the state has proposed a 1% Metro cess. The sharp rise in overall taxes is going to impact the homebuyer sentiments and residential sales.
The impact of RR rates is expected to be higher in the case of the mid and affordable segments as the rate hikes have been higher for suburban municipal areas. In fact, these areas constitute a lion’s share of residential sales and launches in the Mumbai metropolitan region.
The average RR rates have been increased by 9.48% for Thane, 9.24 % for Panvel, 8.90% for Navi-Mumbai, 8.30% for Mira Bhayendar, and 7.42% for Kalyan-Dombivali municipal areas. RR rates have been raised by 12.15% for Nashik, 6.12% for Pune, and 12.36% for Pimpri -Chinchwad municipal regions. Homebuyers in these regions would have to pay higher taxes which is going to impact residential sales.
