Solapur recorded the highest hike at 10.17%, followed by Ulhasnagar (9%), Amravati (8.03%), and Thane (7.72%). The revised rates, which influence property valuations for stamp duty, are expected to generate at least Rs 100 billion towards the state’s Rs 635 billion revenue target from stamp duty and registration.

Officials cited Mumbai’s limited land availability and market stability as reasons for its lower increase. Meanwhile, rapid development and infrastructure projects have driven up rates in Solapur and Navi Mumbai. The hike is likely to impact property prices, with industry leaders highlighting its effects on construction costs and approvals.