Mumbai Property Registrations See 8% Increase in March; Ready Reckoner Rates Unchanged for FY25

Mumbai’s real estate market sees an 8% rise in property registrations in March 2024, while stamp duty collections decline. Maharashtra government maintains ready reckoner rates, offering relief to homebuyers and developers.

Recent data indicates an 8% surge in property registrations in Mumbai’s real estate sector during March 2024, alongside a notable decline in stamp duty collections compared to the previous year. Additionally, the Maharashtra government’s decision to retain ready reckoner rates for FY25 is poised to influence market dynamics.

Property Registrations Surge Amidst Stamp Duty Decline

While stamp duty collections experienced an 8% decrease from the previous year, property registrations surged by the same percentage, indicating sustained activity in Mumbai’s real estate sector. Residential units dominate registrations, comprising 80% of the total, with units spanning 500 to 1,000 square feet emerging as preferred choices.

Factors Influencing Market Fluctuations

The decline in stamp duty collections is attributed to extraordinary figures in the preceding financial year, influenced by changes in tax policies regarding capital gains from residential property sales. Despite this, Mumbai’s central and western suburbs remain hotspots for property transactions, with over 73% of registrations occurring in these areas.

Policy Impact: Ready Reckoner Rates for FY25

The Maharashtra government’s decision to maintain ready reckoner rates for the upcoming fiscal year is poised to stabilize the real estate market. This measure, aimed at fostering affordability and market sustainability, is expected to benefit both homebuyers and developers.

Understanding Ready Reckoner Rates

Ready reckoner rates, serving as benchmarks for real estate transactions, play a pivotal role in determining stamp duty, capital gains tax, and other charges. These rates, announced annually, ensure transparency and regulate property transactions across Maharashtra

Outlook: Market Resilience and Stability

The recent trends in Mumbai’s real estate market, characterized by a rise in property registrations despite a decline in stamp duty collections, underscore the sector’s resilience and ongoing demand. With the government’s prudent decision to maintain ready reckoner rates, stakeholders anticipate continued stability and growth in the market, benefiting both buyers and developers alike.