Bhopal News: Property Rates Revised In City; Hike Up To 180% In Select Areas

Bhopal (Madhya Pradesh): Property rates in Bhopal have been increased by 10-11% at 744 locations, following a decision taken at the District Valuation Committee meeting at the Collectorate on Monday.

Stamp duty has been exempted for economically weaker sections (EWS) in the Virasha Nisarg project. No hike has been proposed for areas on Bhojpur Road in Dipadi and for agricultural land in Bhauri.

A separate guideline will be issued for property rates in Acharpura, Pervalia, Eitkhedi, Imalia, Parevakheda and Manikhedi, among other areas. The decision was taken after villagers raised demands, which were accepted by the Collector.

According to officials, an increase of up to 180% has been proposed in areas such as Nirmal City, Nishatpura Road, Murghi Bazaar and Summer Green. Rates will also rise in Yashoda Nagar, Bhopal Talkies to Safia Road, Malipura, Maya Vihar, Pal Vihar, Ret Ghat to VIP Road, Kabarkhana, Gautam Nagar, Panchsheel Nagar, New Market, Roshanpura, Sevania Gond, Chowki Barkhedi, Aerocity Complex, Behta and Damkheda.

The Registration Department has proposed increasing rates at 628 locations and merging 795 locations, which will also lead to price revisions. Of around 2,100 locations considered, rates have been increased in 744 areas.

The highest increase has been proposed in Nirmal City in Bhanpur, where the rate has been raised from Rs 6,400 per sq m to Rs 18,000 per sq m, marking an increase of up to 180%.

The Confederation of Real Estate Developers' Associations of India (CREDAI) proposal on input credit has been accepted and forwarded to the Central Valuation Committee. The proposal seeks reforms in registry norms by ensuring that property registration applies to the constructed property rather than the land during resale. If approved, the move is expected to boost the real estate sector.