PUNE: Property registrations in Maharashtra have remained consistent, with an average of 3.7 lakh registrations monthly during the first quarter of this financial year, despite the ready reckoner (RR) rate increase implemented on April 1. Monthly revenue collections exceeded Rs 4,000 crore in both May and June.
Officials attribute this stability to persistent demand, even with rising transaction costs due to adjusted property valuations.
The RR rate hike, averaging 3.9% across various categories, raised concerns among developers and buyers about a potential decline in demand. However, the consistent registration figures indicate that the market has adapted well without notable disruptions. “In the first quarter of 2025-26, 11.33 lakh properties were registered, generating Rs 12,783.77 crore in revenue. This is an improvement compared to the previous year’s 10.84 lakh properties, which collected Rs 12,502.81 crore,” stated a senior revenue department official, citing registration data.
The data indicated a 4.51% increase in property registrations overall, while revenue growth was more modest at 2.3%. This suggests the market effectively absorbed the RR rate hike while maintaining transaction volumes. “This represents a positive sign for both the sector and the state’s finances,” said a senior registration department official, adding, “Even with the increase, people continued to purchase and register properties, reflecting confidence in the market and ongoing demand.”
Market analysts shared similar sentiments. “The stable property registration rates in Maharashtra during the first quarter show the market’s resilience in the face of the RR rate increase. We urge the government to take a more analytical approach to valuations to better represent market trends,” commented Prafulla Taware, president of Credai Maharashtra.
Experts in the industry noted that high-value transactions, especially in urban areas like Mumbai, Pune, and Thane, significantly contributed to sustained revenue collections.
State revenue minister Chandrakant Bawankule has set an audacious revenue target of Rs 60,000 crore for the department this fiscal year. Last year’s collections reached Rs 55,000 crore, bolstered by a strong property market in key cities. “The RR rate adjustment was crucial to align property values for stamp duty calculations. Although there were initial worries, the market responded positively,” stated a Mantralaya official. “The revenue patterns for May and June are promising,” the official added.
Real estate experts believe that pent-up demand, expectations of further price increases, and the impending festive season contributed to maintaining transaction volumes. “Many homebuyers rushed to finalize deals before prices rose further. Developers also introduced time-limited incentives after April to help alleviate some of the cost burden,” explained a consultant from Pune.
A potential buyer aiming to invest before Ganeshotsav remarked that prices were likely to rise. “It’s better to finalize deals now,” he noted.
