In a major relief to both homebuyers and realty developers, the government of Maharashtra has decided not to hike the Ready Reckoner rates in the state for the financial year 2023-24.
The Ready Reckoner rates are guidance values for property transactions in a specific locality and are used for calculation of stamp duty charges and taxes. The development charges and other premiums paid by the builders to civic bodies are also determined based on these rates.
The highest increase was for properties in the Thane municipal limits, at an average of 9.48%, while rates in greater Mumbai were increased by 2.34%. In addition to this, the government had also implemented a 1% metro cess on stamp duty in Mumbai, increasing the cost of property acquisition in the city. The effective stamp duty charges are 6% in Mumbai including the metro cess, while it is 7% in other parts of the state.
