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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.

Indian Shipbuilding A Must Win Marathon

Shipbuilding

With a coastline of 7500 KM, it is hard to imagine, that for the first 20 years (1947-1967) India had no ‘shipping ministry’. In 1967 a Shipping ministry “coupled” with ROAD transport was established. Since then, this ministry has been on a name changing ride, not once, not twice but six times. In 2009 the “ROAD Transport and Highways” was de-coupled and ‘Shipping’ ministry was formed. Turning point came in 2015 with a clear maritime vision for 2030 and 2047. Ministry was re-christened, aptly to Ministry of “Ports, Shipping and Waterways” in 2020.


Why is Shipbuilding important for a country?

a. A Shipyard becomes an opportunity hub and like a queen bee requires the support of an industrial colony to manufacture machinery and equipment.

b. National Shipyards support fleet renewal needs of the Navy.

c. Contributes to national GDP, increases inflow of FOREX.


Korea shipbuilding is 8% of GDP. Japan’s automobile industry is 2.9% of GDP. India’s shipbuilding a meagre 0.000578% of GDP. In context, India’s pharmaceutical industry, ranked third largest in the world is 1.72% of India’s GDP.


International Shipbuilding Market

The market is estimated to reach around USD 200 billion by 2029, growing at a CAGR of 4.84%. While India is at bottom with 0.07% of world share, behind Philippines 1.5% and Vietnam 1%, however on the positive side, India has done well in taking care of its defence needs, with 37 of 39 Naval ships being built in India yards. Rear Admiral S Shrikhande researching on maritime as a Fellow at Wollongong University, Australia, says “Shipbuilding in India needs both, serious incentivisation and dogged determination and not harping on being a big ship breaking country. That Garden Reach shipyard has a $54 million order for merchant ships from a German owner, is a good sign.”


Were Shipyards of 20th century in Flight mode?

Prominent shipyards in India were built in the colonial period. Mazagon Dock 1774, Garden reach 1884, Hindustan shipyard 1941 to cater to British navy and merchant fleet needs. Cochin shipyard 1972, Adani Katupalli 2013, Reliance Naval and Engineering, Rajula Gujarat 1997 and others have limited capacity, hence a lot more work to do. Capt. Subhangshu Dutt (Singapore) a mariner and now a shipowner, says “GOI should hold hands in any collaboration till the marriage with the foreign entity is reasonably stable. He also suggests that “new shipbuilding sites should be given to existing successful shipyards since they have decades of experience and talent. Consortium of 3 or more parties may also be good idea”.


Shipbuilding GOLD

As per SPLASH report the demand for LCO2 carriers could reach 2,500 ships by 2050. As per other estimates, 40% of global fleet of ships could have wind propulsion by 2050. A surge in such vessels is due to an unparallel waves of decarbonization in the shipping industry. Demand for ships with ‘carbon neutral’ badges, such as Dual fuel, Wind assisted, Nuclear fuel ships, Hydrogen powered ships, Liquified CO2 (LCO2) carrier, is outstripping supply. A must in the ‘bucket list’ of every Shipyard. Pinning down a standard ROI in shipbuilding is not easy, but experts suggest it could range from 4% to 15% for the high demand ‘carbon neutral’ ships. While an LNG new build vessel could cost US$ 250 million upwards.


International collaboration

On China’s shipbuilding success story, Manoj Pandalanghat (Singapore) a mariner and ship owner believes that “China has around 50 active Shipyards. Each have a few large dry docks. In each dock two or more large vessels are built simultaneously. Thus, a single yard is able to roll out 2/3 vessels/month, 36 vessels/year and 50 shipyards roll out 1800 vessels/year”.


China could be a jaldi-5, but India needs a sturdy Mount Fiji. Besides technology, Japanese bring the most important hand baggage of soft-skills and culture, essential for success from keel laying to delivery. Maruti’s is a standing example.


Food for thought for New Delhi

a. Expertise: Hire Naval Architects and shipbuilding experts with current international experience.

b. Government assistance: Land, Financial support, subsidies and timebound clearances.

c. Monitoring: PMO should monitor the first 5 to 10 years till Shipbuilding takes-off on this long-haul flight to destination 2047.


India’s Shipbuilding is expected to grow to $237 billion by year 2047. On a back of the envelope calculations this works out to about 4% of India’s 2047 projected GDP of $ 5 trillion. While cars are driven on roads, however the Ministry of roads and transport has little to do with “Automobile manufacturing”. On a similar note, ‘Shipbuilding’ as an industry has little to do with Ports, Shipping and Waterways, thus it may be worthwhile to consider a separate ‘Ship-building’ wing in the Ministry of Ports, Shipping and Waterways headed by a dynamic cabinet rank minister. Since 2047 targets are stiff and an uphill task, so in all probabilities, the officials in Ministry of Ports, Shipping and Waterways are likely to push beneath the carpet, delays and failures of Shipbuilding with sweet success stories of “Ports, Shipping and Waterways” and if this does happen then India will not only miss the Shipbuilding bus of 21st century but a lot more from a national security and strategic perspective.


(The author is a Shipping and Marine consultant. Member Singapore Shipping Association and empaneled with IMO as a specialist consultant. Views personal.)

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