Curation Team
PUNE: Property registrations across Maharashtra have remained steady despite the ready reckoner (RR) rate hike on April 1, with an average of 3.7 lakh registrations per month in the first quarter of the current financial year and monthly revenue collections crossing the Rs 4,000 crore-mark in both May and June.
Officials attributed this stability to sustained demand despite increased transaction costs because of revised property valuations.
The RR rate hike — averaging 3.9% across categories and locations — sparked concerns among developers and homebuyers about a possible demand dip. Consistent registration volumes, however, suggest that the market absorbed the impact without significant disruption. “The state registered 11.33 lakh properties in the first quarter of 2025-26, generating Rs 12,783.77 crore in revenue. This compares favourably with the same period last year when 10.84 lakh properties were registered, collecting Rs 12,502.81 crore,” a senior revenue department official said citing data from the registration department.
The data showed that while property registrations increased by 4.51% overall, revenue growth was more modest at 2.3%, indicating the market absorbed the RR rate hike well while maintaining transaction volumes, the official said. “This is a positive signal for the sector and the state exchequer,” said a senior registration department official, adding, “Despite the hike, citizens continued to buy and register properties, which reflects confidence in the market and steady demand.”
Market analysts echoed the sentiment. “The steady property registration figures in Maharashtra during Q1 of current fiscal demonstrate the market’s resilience despite the recent RR rate hike. But we urge govt to adopt a more scientific approach to valuations to better reflect market trends,” Prafulla Taware, president of Credai Maharashtra said.
Industry watchers said high-value transactions, particularly in urban centres like Mumbai, Pune and Thane, played a key role in sustaining revenue collections.
State revenue minister Chandrakant Bawankule has set an ambitious revenue target of Rs 60,000 crore for the department this financial year. Last year, the department recorded Rs 55,000 crore in collections, driven largely by buoyant property markets in key cities. “The RR rate revision was essential to align property values for stamp duty calculations. While there were initial concerns about its impact, the market responded positively,” a Mantralaya official told TOI. “The revenue trend for May and June is encouraging,” the official added.
Real estate experts believe that pent-up demand, expectations of further price hikes and upcoming festive season launches helped keep transaction volumes steady. “Many homebuyers rushed to close deals before prices went up further. Developers also offered limited-time incentives post-April to absorb part of the cost burden,” said a Pune-based real estate consultant.
A buyer who plans to invest before the Ganeshotsav said the prices were definitely headed to go up. “So, it is better to close the deals,” he added.
