Mumbai: In a major relief for ordinary homebuyers and slum residents, the Maharashtra government has decided to introduce separate Ready Reckoner rates for high-rise buildings and slum settlements within the same locality. The move aims to ensure more realistic property valuations based on infrastructure, amenities, and development patterns rather than applying a uniform rate across diverse housing categories.
Official Announcement
Revenue Minister Chandrashekhar Bawankule announced the decision on Wednesday, stating that a comprehensive micro-zoning survey has been launched in Mumbai. The Maharashtra Remote Sensing Application Centre (MRSAC) has been appointed to carry out the survey.
Currently, slums, chawls, and premium residential towers located in the same area often fall under a common Ready Reckoner rate, leading to disparities in property valuation and transaction costs. Under the proposed system, property rates will be determined based on the actual level of development and available civic amenities in each micro-zone.
Legislative Backing
The initiative is part of a broader reform process linked to amendments proposed under the Maharashtra Stamp (Second Amendment) Government Bill No. 9, which was presented in the Legislative Council during the 2026 Budget Session.
As part of the project, GIS-based maps will be prepared to collect accurate urban, rural, and influence-area data across Maharashtra. The micro-zoning exercise will first be implemented in Mumbai while preparing the Annual Statement of Rates for 2027-28, taking into account city survey numbers and the nature of development in individual locations.
According to the Revenue Department, the revised Ready Reckoner framework is expected to be implemented from the next financial year after completion of the survey. The model will subsequently be expanded to other metropolitan regions across Maharashtra in two additional phases over the next two years.
Bawankule said the reform would bring greater transparency to property valuation and significantly benefit middle-class homebuyers and slum residents by ensuring fairer and more accurate property rates. He added that the decision was taken on the suggestion of Chief Minister Devendra Fadnavis, keeping the interests of ordinary citizens at the forefront.
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