The Maharashtra government has announced a major reform in property valuation by introducing separate Ready Reckoner (RR) rates for high-rise residential towers and slum clusters located within the same locality. The move follows a statewide micro-zoning exercise aimed at making property valuations more accurate, transparent, and reflective of actual ground realities.
Revenue Minister Chandrashekhar Bawankule stated that the new system is expected to provide relief to middle-class homebuyers and residents of slum areas who currently face uniform property valuation rates despite significant differences in infrastructure, amenities, and development standards. The initiative was announced as part of the government’s broader efforts to improve transparency in land and property administration.
At present, properties such as slums, chawls, and premium residential complexes situated within the same geographical area often attract identical Ready Reckoner rates. This has long been a point of concern among stakeholders, as it does not accurately reflect the actual market value or quality of development within specific pockets of a locality. Under the proposed framework, valuation rates will be determined based on the unique characteristics of individual micro-zones, including infrastructure availability, development intensity, accessibility, and other urban parameters.
Ready Reckoner rates serve as the minimum property values fixed by the state government and are used to calculate stamp duty and registration charges during property transactions. Since these rates directly influence transaction costs, a more nuanced valuation system is expected to create a fairer assessment mechanism for both buyers and sellers.
The reform has been initiated following a suggestion from Chief Minister Devendra Fadnavis. To support the implementation, the government has launched a three-phase survey programme and appointed the Maharashtra Remote Sensing Application Centre to undertake the micro-zoning exercise in Mumbai.
Officials indicated that the findings from the Mumbai survey will be incorporated into the preparation of the annual market value rate schedule for 2027-28. The exercise will consider city survey numbers, land-use patterns, and the nature of development in each locality. Additionally, Geographic Information System (GIS)-based mapping will be carried out to gather precise data from urban, rural, and peri-urban areas across Maharashtra.
The Revenue Department plans to implement the revised Ready Reckoner framework from the next financial year after completion of the survey process. The system will subsequently be expanded to other major urban centres across the state within the next two years.
The proposal was discussed during a meeting at Mantralaya in connection with the Maharashtra Stamp (Second Amendment) Government Bill No. 9, introduced during the 2026 Budget Session of the Legislative Council.
