Government Decision Provides Stability and Support Amidst Uncertain Times”
In a move welcomed by property buyers and developers alike, the Maharashtra government has announced the decision to keep the ready reckoner rates unchanged for the financial year 2024-25, ahead of the upcoming Lok Sabha Elections. This decision comes as a significant relief to homebuyers across the state, providing stability and certainty in an otherwise uncertain economic climate.
Ready reckoner rates hold immense importance in property transactions, serving as the benchmark for tax calculation and stamp duty payment. Typically revised at the beginning of each financial year, these rates determine the minimum per-square-foot value for tax and premium calculations, playing a crucial role in property dealings. The government’s decision to maintain these rates at their current levels signifies a commitment to supporting the property market and facilitating ease of transactions for buyers and sellers alike.
The move comes on the heels of a successful fiscal year, during which the government collected approximately Rs 36,000 crore in stamp duty and registration charges. Real estate developers in Maharashtra have lauded this decision, particularly in its support of the affordable housing segment. By maintaining stability in ready reckoner rates, the government aims to bolster the property sector and stimulate demand, particularly in key markets like Mumbai, Pune, and Nashik.
This decision not only provides relief to property buyers and investors but also fosters a conducive environment for growth and investment in the real estate sector. By opting for continuity rather than change, the government has demonstrated its commitment to supporting market sentiments and promoting the resilience of the property market.
The government’s decision to maintain ready reckoner rates for the upcoming financial year is viewed as a positive step forward. It not only provides relief to property buyers but also instills confidence in the real estate sector, signaling stability and support amidst uncertain times. As the state prepares for the upcoming Lok Sabha Elections, this decision stands as a testament to the government’s dedication to fostering economic growth and prosperity.
