PUNE: According to senior officials in the revenue department, purchasing a flat may become more expensive in the upcoming financial year. There is a suggestion of a potential increase in Ready Reckoner (RR) rates this April due to a growing revenue deficit and rising debt associated with welfare initiatives such as the Ladki Bahin Yojana.
Discussions with stakeholders at the district level are currently ongoing, and a final decision will depend on the funding required for infrastructure projects, welfare programs, and recently introduced incentives. “Given the increasing revenue deficit and significant supplementary demands, a revision in RR rates appears to be necessary. However, no definitive conclusion has been reached yet,” a senior official informed TOI.
The stamps and registration department is the largest revenue contributor for the state.
After a three-year hiatus, the government raised RR rates by an average of 3.9% across the state last year, following a 5% increase in 2022-23. For the current fiscal year ending in March 2026, the property registration department has set a revised revenue target of Rs 63,500 crore, up from Rs 60,000 crore, and has nearly achieved 75% of this goal.
However, developers oppose any increase in RR rates, claiming robust revenue collections make it unnecessary. Members of Credai emphasized strong property registration numbers and a thriving real estate market, which they believe will continue. “The government’s previous decision to maintain RR rates for three consecutive years (after requests from the public and developers) contributed to market stability,” stated one developer.
Shantilal Kataria, a member of the Credai national governing council, argued that adequate revenue has been earned without raising RR rates in the past. “Like other incentives, the government should ensure the middle class is not overburdened. RR rates should remain unchanged for the next financial year, as they have already been raised this year. Market stability must be taken into account before making any rash decisions. We have previously urged the government not to revise the rates again,” he told TOI.
Another Credai representative warned that any further increase in RR rates would negatively affect the real estate sector, pointing out that the department exceeded its targets last year and in the current fiscal year. Developer associations believe that this performance justifies maintaining the current RR rates while the government evaluates the need for additional revenue for welfare programs.
RR rates determine stamp duty and registration fees, varying based on location, amenities, and property type. Meera G, who plans to buy property in the next fiscal year, expressed concern that an RR increase could derail her plans. “Builders may use it as an excuse to raise prices since RR acts as a baseline rate. Properties priced below RR will incur higher stamp duty and taxes if rates increase,” she stated, adding, “Any hike will increase overall costs, diminish purchasing power, and impact the market.”
