Homebuyers in Maharashtra have reason to celebrate as the state government, just before the auspicious Gudi Padwa, has announced its decision to maintain the ready reckoner (RR) rates for the fiscal year 2024-25. This move comes as a relief to prospective buyers, ensuring that property prices remain stable for the upcoming year.
But what exactly are ready reckoner rates?
Ready reckoner rates serve as the benchmark values for real estate transactions. They play a pivotal role in calculating capital gains under income tax and determining stamp duty and registration charges. These rates, which vary across different areas and property types, are instrumental in shaping the property market landscape.
The decision to retain the RR rates has garnered praise from various quarters, including the real estate sector. Domnic Romell, President of CREDAI-MCHI, commended the move, emphasizing its role in promoting stability and encouraging investment in the real estate market.
Prashant Sharma, President of NAREDCO Maharashtra, echoed similar sentiments, highlighting the positive impact on market sentiments and property demand. He emphasized the significance of maintaining a conducive environment for sustained growth.
Recent data from ANAROCK indicates robust housing sales in key Maharashtra markets, particularly Pune and the Mumbai Metropolitan Region (MMR). This underscores the favorable market sentiment and growing demand for properties, fueled by factors such as larger configurations and luxury homes.
Aditi Watve, City Head – Pune, ANAROCK Group, emphasized the Fear Of Missing Out (FOMO) factor driving demand, particularly in Pune, where property prices are on the rise. She emphasized the critical role of steady ready reckoner rates in bolstering the demand environment and facilitating healthy sales volumes.
In essence, the decision to keep ready reckoner rates unchanged for FY25 is poised to sustain the momentum in Maharashtra’s real estate market, offering stability and confidence to both buyers and investors alike.
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