PUNE: Property registrations across Maharashtra continue to thrive, even after the recent increase in the ready reckoner (RR) rate, marking the first uptick in three years. The state has already gathered nearly half of its annual stamp duty and registration fees target as Diwali approaches.
According to the state registration department, Maharashtra amassed ₹29,795 crore in stamp duty and registration fees by October 12, equating to 46.9% of the current financial year’s target of ₹63,500 crore. This represents a 7% increase from ₹27,834 crore during the same timeframe last year (up to the end of September), despite the recent RR rate hike, as noted by an official.
Ravindra Binwade, the state inspector general of registration and stamps, emphasized that the collection metrics indicate that the rate hike has not diminished buyer interest. “Since April, property registrations have remained consistent, showing that increased RR rates haven’t deterred buyers. Strong high-value transactions, stable monthly registrations, and a booming real estate market have all contributed to this growth,” he explained to TOI.
From April to September this year, the state registered a total of 22.2 lakh documents, compared to approximately 21 lakh during the same period last year, showcasing sustained demand. The department recorded its highest revenue in July at ₹5,156 crore, followed closely by September at ₹5,099 crore.
The RR rates were adjusted upwards by an average of 3.9% starting in April. “This revision was justified and comes after a three-year interval. We are also promoting digitization and system upgrades to enhance operational efficiency,” Binwade stated, confidently maintaining that the department would meet or exceed its annual revenue target.
A senior official from the revenue department pointed out that the trend of surpassing revenue targets for two consecutive years is likely to persist. “Given the steady growth in the real estate sector and stable property prices, collections could exceed ₹65,000 crore this financial year,” the official revealed.
In response to the state’s revenue deficit, the department has adjusted both its target and RR rates upwards to enhance collections.
Shantilal Kataria, a member of the executive council of Credai National, noted that the real estate market has shown robust momentum since Dasara. “Sales have increased and are expected to remain strong throughout Diwali and into the year’s end. Buyers now have a variety of options across different locations and budgets, which is boosting property registrations,” he shared with TOI.
Kataria added that increased supply, festive discounts, and a slower pace of price increases relative to inflation have kept homes relatively affordable. “The current supply is the highest it has been in five years, which aids in stabilizing prices,” he said.
While the reduction in GST on construction materials has enhanced developer margins, experts suggest that these savings may not necessarily translate to lower prices for buyers. “With sales already strong, developers are unlikely to implement additional price reductions at this point,” commented a developer.
Officials remain optimistic that final collections will exceed the ₹63,500 crore target, especially with the typical revenue-strong period of October to December still ahead.
“This upward trend is driven by accelerated infrastructure development, a surge in luxury and premium project launches, and a favorable policy landscape. Maharashtra is emerging as the most robust and resilient state in India concerning real estate performance and growth,” said Anuj Puri, chairman of Anarock Group.
