Pune Property Market Braces for Upward Adjustment in Ready Reckoner Rates

Pune, 18th March 2024: This year, the Ready Reckoner rates are poised for an upward adjustment following the Maharashtra State Cabinet’s decision not to maintain the current annual ongoing rates before the onset of Lok Sabha election regulations. Anticipated to take effect from April 1st or after the conclusion of the Lok Sabha election protocols, the proposed rate hike by the registration and stamp department varies across regions: 9 % in urban areas, 4 % in municipal council areas, 4.5 % in affected zones, and 7 % in rural regions.

The announcement of new Ready Reckoner rates usually occurs annually on April 1st, offering a benchmark for property transactions. Last year enjoyed a rate freeze, offering a respite to citizens. The methodology for determining these rates has undergone revision, now involving a decision-making process by the Maharashtra State Government after the rate fixation by the Department of Stamps & Registration, with announcements made by the Inspector General of Registration and Controller of Stamps.

This year, the influence of the Maharashtra State Government on rate adjustments is absent due to the Lok Sabha election’s code of conduct. Even in the cabinet meeting convened before the initiation of the code, no decisions regarding Ready Reckoner rates were made. This year’s rates will not remain stagnant.

The newly proposed rates are based on financial transaction data from the previous year, which witnessed a substantial increase in registrations and revenue generation, totalling ₹45,450 crores by March 15. In light of this, the proposed adjustments stand at 9 %for urban areas, 4 % for municipal council areas, 4.5 % for affected zones, and 7 % for rural areas.