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By:

Bhalchandra Chorghade

11 August 2025 at 1:54:18 pm

No hike in ready reckoner rates

Real estate sector welcomes move Mumbai: The Maharashtra government has kept the Annual Statement of Rates (ASR), or ready reckoner rates, unchanged for the financial year 2026–27, signalling a calibrated approach aimed at maintaining stability in the real estate sector amid evolving economic conditions. The decision was announced by the Office of the Inspector General of Registration and Controller of Stamps, Pune. Under the Maharashtra Stamp (Determination of True Market Value of Property)...

No hike in ready reckoner rates

Real estate sector welcomes move Mumbai: The Maharashtra government has kept the Annual Statement of Rates (ASR), or ready reckoner rates, unchanged for the financial year 2026–27, signalling a calibrated approach aimed at maintaining stability in the real estate sector amid evolving economic conditions. The decision was announced by the Office of the Inspector General of Registration and Controller of Stamps, Pune. Under the Maharashtra Stamp (Determination of True Market Value of Property) Rules, 1995, ASR rates are revised annually and come into effect from April 1. These rates serve as the benchmark for property valuation for stamp duty and registration. Over the years, the state has followed a cautious revision strategy. After a 5.86 per cent increase in 2017–18, rates were kept unchanged in 2018–19 and 2019–20 due to a sectoral slowdown. During the pandemic-hit 2020–21, the revision was delayed until September and limited to 1.74 per cent. For 2026–27, however, the government has opted for a complete status quo, with no increase across the state. The move follows representations from industry bodies, including CREDAI, citing global economic uncertainty and a moderation in real estate activity. Long Process The ASR determination process involves multi-level consultations. District-level meetings are held with developers, document writers and other stakeholders, while public representatives’ inputs are incorporated through discussions chaired by district collectors. Objections and suggestions received during this process are evaluated before finalisation. Even as base rates remain unchanged, the government has introduced technical and administrative refinements to better reflect on-ground realities. In urban areas, changes in Development Plans (DPs) have been factored in. Adjustments have also been made in line with regional and local planning schemes, including revisions to valuation zones and sub-zones. Updates such as correction of village names, inclusion of new hamlets, and changes in survey and group numbers have been carried out. Micro-level adjustments through sub-classification have also been introduced. Strong Growth Meanwhile, Maharashtra has recorded strong growth in property registrations and stamp duty collections over the past three financial years. The number of registered documents rose from 27.9 lakh in 2023–24 to 43.12 lakh in 2024–25, and further to 45.60 lakh in 2025–26. Revenue collections under the 0030 head (stamp duty and registration fees) increased from Rs 50,042.80 crore in 2023–24 to Rs 58,266.07 crore in 2024–25, and further to Rs 60,568.94 crore in 2025–26. Monthly trends remained robust, with March 2026 recording the highest collection at Rs 6,641.61 crore, while December also posted strong inflows at Rs 5,595.35 crore. President of CREDAI-MCHI Sukhraj Nahar said, “The State Government has taken a significant and timely decision to maintain status quo on Ready Reckoner Rates for FY 2026–27, effective from 1st April. This important relief to the real estate sector comes in the backdrop of persistent global economic uncertainties and rising construction costs. The decision reflects the Government’s sensitivity to industry concerns and its commitment to sustaining growth and housing supply.” “We would like to share that CREDAI-MCHI had made strong representations to the Government, highlighting the adverse impact of any increase in Ready Reckoner Rates under the current circumstances. We are glad that our suggestions have been duly considered.” “This decision will go a long way in maintaining project viability, supporting housing demand and ensuring continued momentum in development activity,” he added.

Enter the ‘executioner’

Mumbai: Creating history, senior IAS officer Ashwini Satish Bhide has been appointed the first woman Municipal Commissioner of the 160-year-old Brihanmumbai Municipal Corporation (BMC), bringing with her a formidable reputation as an ‘executioner’ of the most difficult assignments.

 

With this, the country’s biggest and richest civic body will have two women at the helm – including Mayor Ritu Tawde – and Bhide, an engineer who topped the 1995 UPSC examination among women.

 

Regarded as a tough, no-nonsense officer with vast administrative expertise, strict work ethics and an iron control over any project she handles, Bhide, 55, is expected to give a fresh impetus to the metropolis’ ongoing infrastructure development and upgrades.

 

Ranked among a few ‘high-impact bureaucrats’ in the state, Bhide started her administrative service in Kolhapur and then served in different capacities in Nagpur and Sindhudurg, later at the Lok Bhavan (then Raj Bhavan), a stint with Mumbai Metropolitan Region Development Authority, and lastly as Additional Chief Secretary in the CMO.

 

Metro Woman

It was her ruthless tenure as the Managing Director of Mumbai Metro Rail Corporation Ltd. (MMRCL) that shot her to national prominence and she is largely credited for steering the completion of the city’s longest and first fully underground Mumbai Metro-3, which faced multiple hurdles – earning her the moniker of ‘Metro Woman of India’.

 

These ranged from political, environmental protests, the legal hitches in the Aarey Metro Car Shed tug-of-war, land acquisition and resettlement issues plus local residents rattled over the incessant tunnelling underneath their century-old rickety structures or heritage buildings to the Mahim Creek.

 

Now, as the ‘Aqua Line’ started chugging six months (October 2025) between Cuffe Parade-Aarey Colony, most Mumbaikars are smiling sheepishly – vindicating Bhide’s herculean, albeit somewhat bulldozing, endeavours to ‘execute and deliver’.

 

Notching success for pushing through key infrastructure projects and urban governance initiatives, she earned a fair share of bouquets and brickbats, but didn’t falter in her strides.

 

Steely Resolve

Old-timers recall her maiden days in the lower echelons of bureaucratic assignments when her steely resolve with a keen eye for compliance, hands-on monitoring, aggressively pursuing deadlines, cutting through red-tape, etc. made many a mandarin shudder, yet earned her many admirers.

 

The Aarey Colony Metro Car Shed proposal had sparked one of the fiercest environmental wrangling with many pros-and-cons thrown up, widespread protests involving greens, civil society groups, activists, students and nature lovers arguing that it would wipe out a vital green lung of suburban Mumbai.

 

Unfazed by attacks labelling her as ‘insensitive’ ‘anti-environment’ and ‘heedless to public sentiments’, Bhide strongly fought back pointing out the Aqua Line’s long-term benefits as a crucial mass transit project, and the legal clearances it had obtained.

 

Returning to helm the BMC’s hallowed and hazy portals, Bhide will again be in the spotlight as the city grapples with a multitude of urban challenges of strained infrastructure, waste-management, monsoon floods, pending projects like the Mumbai Coastal Road northward extension right upto Virar, with greens already sharpening knives as thousands of mangroves could meet a watery grave… and more.

 

As a high-ranking ex-civic officer said, Bhide comes with clarity, speed at decision-making, making the files race, ensuring the project/s progress stick to deadlines and at a pace leaving little scope for long debates or delays.

 

Aarey Colony ‘balding’ still haunts

Greens groan as they recall then MMRCL Managing Director Ashwini Bhide’s lightning action (October 4-5, 2019) to order butchering over 2100 trees in barely 40 hours - or roughly at 1 tree/minute - splattering green blood inside Aarey Colony, Goregaon (East), to pave the way for the proposed Car Shed there.
 
Barely hours after Bombay High Court permitted felling of 2,185 trees, the action started late evening before the environmentalists and activists got time to move the Supreme Court the next day – by when the vicinity already sported a clean-shaven look with 2,141 trees ‘executed’ mercilessly.
 
Later, many environmentalist/activists were detained/arrested, there were court cases, etc, which continued as Bhide’s project zoomed ahead underground and the Aqua Line was unveiled in October 2025.

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