The government of Maharashtra’s proposed shift to micro-zoning and differentiated Ready Reckoner (RR) rates for high-rises, slums, chawls and redeveloped properties is expected to make property valuations more aligned with actual market conditions, experts said.The move will also help improve transparency in transactions and reduce valuation distortions within the same locality especially in key property markets such as Mumbai and Pune.The plan, which seeks to introduce a more granular valuation framework based on factors such as infrastructure, accessibility, building quality and development potential, is expected to move away from the existing practice of applying uniform RR rates across larger geographic zones.Industry experts, however, also cautioned that the effectiveness of the reform will depend on the creation of a transparent, objective and data-driven framework that limits administrative discretion and ensures uniform implementation across jurisdictions.“The concept of micro-zoning and differentiated Ready Reckoner rates has the potential to make property valuation more reflective of local market realities and development potential. However, its success will depend entirely on the framework adopted for implementation. Unless there is a clear, transparent and objective policy with well-defined parameters, the introduction of micro-zoning could lead to increased discretion at the administrative level, resulting in uncertainty and inconsistent outcomes,” said Kamlesh Thakur, President, NAREDCO Maharashtra.Developers are of the view that the proposed framework could have significant implications for redevelopment projects, land acquisitions and investment decisions, making consistency and predictability in valuation mechanisms critical.“Buyers, investors, and developers value clarity and predictability in valuation mechanisms. A well-defined and publicly accessible framework will be essential to avoid ambiguity, strengthen market confidence, and ensure that the new system delivers greater accuracy without creating uncertainty in transaction pricing or investment decisions,” said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.According to him, differentiated Ready Reckoner rates through micro-zoning could make property valuations more accurate by reflecting variations in infrastructure, connectivity and development within the same locality. Its effectiveness, however, will depend on transparent methodology, reliable data and consistent implementation.The proposed changes are also expected to have implications for property registrations, stamp duty assessments and lending activity, as Ready Reckoner rates are widely used as benchmark values across the real estate ecosystem. A more granular framework could help narrow valuation gaps in locations where market prices have evolved at a different pace than official benchmarks, experts said.According to them, the transition will require periodic updates and continuous monitoring to ensure that valuation benchmarks keep pace with changing market conditions. The availability of transaction data and the use of technology-driven assessment tools will be critical to maintaining the credibility and effectiveness of the revised system over time.