Despite a recent increase in ready reckoner (RR) rates—the first in three years—the Maharashtra real estate market is showing incredible resilience and strength. New data reveals that the state has collected a whopping ₹29,795 crore in stamp duty and registration fees as of October 12.
This impressive figure represents 46.9% of the financial year’s ₹63,500 crore annual target, collected even before the peak Diwali festive season began.
Key Takeaways from the Property Registration Boom
- Strong Growth: The collection marks a 7% increase compared to the same period last year (April to September-end).
- Buyer Sentiment Unaffected: State officials confirm that the RR rate hike has not negatively impacted buyer sentiment or the volume of property registrations.
- High-Value Transactions: The growth is largely being fueled by a surge in robust high-value property transactions and consistent monthly registrations, indicating a truly buoyant real estate market.
- Sustained Demand: A total of 22.2 lakh documents were registered between April and September this year, up from 21 lakh during the same period last year, clearly showcasing sustained housing demand.
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What’s Driving This Unstoppable Momentum?
The Inspector General of Registration and Stamps, Ravindra Binwade, noted that the average 3.9% RR rate revision was “reasonable” and came after a three-year pause, suggesting the market absorbed the change easily.
Industry experts and developers also point to several factors creating a perfect storm for growth:
- Festive Frenzy: The market picked up significant speed right after Dussehra and is expected to remain robust through Diwali and the end of the year, a typically strong period for sales.
- Abundant Choices: Buyers are benefiting from a wide range of options across various locations and budgets.
- Stabilized Prices: Increased housing supply—currently at its highest in five years—has helped stabilize property prices. The pace of price escalation has also been slower compared to general inflation, keeping homes relatively affordable for many.
- Infrastructure and Policy: This upward trend is further turbocharged by accelerated infrastructure development and a favorable policy environment, cementing Maharashtra’s position as India’s most resilient real estate market.
Confident of Exceeding Targets
With the high-revenue period of October to December still in play, officials are highly confident that the state will not only achieve but surpass the ₹63,500 crore target, with some anticipating collections could exceed ₹65,000 crore!
This remarkable performance highlights the underlying strength of the Maharashtra housing market and its continued appeal to homebuyers and investors alike.
News Source – India Times
