CREDAI-MCHI Commends Maharashtra Government’s Decision to Uphold Ready Reckoner Rate, Stamp Duty charges 

Mumbai, April 1, 2024: Maharashtra Government’s decision to uphold ready reckoner rate and stamp duty charges has been hailed by CREDAI-MCHAI. 

Domnic Romell, President of CREDAI-MCHI, the apex body of real estate sector of Mumbai Metropolitan Region (MMR) on the unchanged ready  reckoner rates and stamp duty charges, “As the Maharashtra government maintains the Ready Reckoner rate and stamp duty on property registrations, it’s a significant relief for property buyers, home seekers, and the real estate sector at large. This decision promotes stability and encourages investment, fostering a conducive environment for growth. We, believe strongly that this move is also prompted by the robust contribution of real estate sector into the state economy. We commend the government’s foresight in supporting the property market’s resilience and look forward to continued collaboration for a thriving real estate landscape.”

Domnic Romell further elaborated, “For home buyers, stability in these rates means greater predictability in property prices, allowing them to plan their investments with more confidence. With consistent rates, buyers can avoid sudden spikes in costs, making homeownership more attainable and reducing financial uncertainty. Additionally, stable rates can stimulate demand in the real estate market. When buyers perceive prices as stable, they are more likely to enter the market, leading to increased sales and transactions. This, in turn, benefits developers and other stakeholders in the real estate sector by maintaining a steady flow of revenue and business activity. 

CREDAI-MCHI is aligned with the state government to promote transparency and trust in the market, as buyers feel reassured that they are paying a fair and consistent price for their properties. This fosters a healthier real estate ecosystem where both buyers and sellers can engage in fair transactions. Overall, the impact of stable Ready Reckoner rates and stamp duty on the real estate sector in MMR is significant, as it supports market growth, encourages investment, and enhances affordability for home buyers, contributing to a more robust and sustainable real estate landscape.”