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The Maharashtra government has extended working hours at all 519 property registration offices by two hours from March 1 to manage the year-end rush. With an expected 10% hike in ready reckoner (RR) rates from April, homebuyers and developers are expediting registrations to avoid higher costs. The registration department has already collected INR 48,661 crore and aims to surpass its INR 55,000 crore revenue target. While the extension eases congestion, delays persist in modernizing 100 sub-registrar offices. Rising property demand, metro expansions, and RR rate revisions are expected to impact market valuations in Mumbai, Pune, and Thane.
In response to an expected surge in property registrations before the end of the financial year, the Maharashtra government has announced that all 519 property registration offices across the state will extend their working hours by two extra hours starting March 1. This move aims to manage the rush of homebuyers and developers looking to complete registrations before a likely increase in ready reckoner (RR) rates from April. Advertisement
The decision was made to prevent overcrowding at registration offices, which typically experience a surge in March as buyers rush to finalize transactions before potential cost escalations. The additional hours are expected to ease the process and help the department meet its annual revenue target of INR 55,000 crore. According to officials, districts have proposed a 10% increase in RR rates, which the state government will finalize before April 1. If implemented, this revision will raise property values for taxation purposes, leading to higher stamp duty and registration costs for buyers.
Many homebuyers are now accelerating their property registrations to avoid additional financial burden. Kanishka K, a recent homebuyer, emphasized the urgency, stating that completing the registration before RR rates increase would help avoid a potential rise in overall costs. Real estate developers have also welcomed the extended hours, stating that it will help clear backlogs and expedite transactions. A Pune-based developer noted that March is always the busiest month for property registrations and emphasized that extending office hours would benefit both homebuyers and developers.
The property registration department has already collected INR 48,661 crore in revenue from 24.87 lakh document registrations as of February 24. Officials are optimistic about surpassing the INR 55,000 crore target by the end of March, continuing a trend of strong revenue collection seen over the last three years. Consumer rights activist Shrikant Joshi noted that extending registration hours will significantly help citizens. He noted that property registrations tend to increase toward the financial year-end, especially when RR rate hikes are anticipated. The decision to extend office hours, he added, would help ease congestion at registration offices.
While the state government is taking measures to streamline registrations, its plan to modernize 100 sub-registrar offices has faced delays due to funding issues. The renovation plan includes infrastructure improvements, better facilities for visitors, and shifting some offices to new locations to improve accessibility. A senior registration department official stated that while funds have been earmarked, final approval is still pending. They emphasized that the modernization process can only begin once the budget is officially sanctioned.
Maharashtra's move to extend registration hours comes amid a broader push to improve property transaction processes across India. Several states are considering similar measures to accommodate rising property demand and digitalize their registration systems. Additionally, property markets in key cities like Mumbai, Pune, and Thane are witnessing increased demand, driven by infrastructure developments and the upcoming metro expansions. Analysts expect that RR rate hikes, along with improving connectivity, will impact property valuations and buyer sentiments in the coming months.
With real estate transactions expected to rise in March, the government's decision to extend working hours could provide relief to thousands of homebuyers and developers racing against the clock to finalize their deals before the new rates take effect.
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