Property rates up by 40% in Bhopal

Bhopal(Madhya Pradesh): Though property rates have increased up to 40% in state capital in last 5 years, the registration fee has not gone up.

According to experts, inflation, rise in cost of construction material, proposed master plan, improvement in road connectivity have led to rise in property rates.

Rate have increased in almost all the areas but rates in residential colonies located along Barkatullah University Road (Misrod Road), Bawadiakalan, Kolar, Neelbad, Ratibad, Bangrasia Road, NLIU area, Airport Road have increased more.

Parvez Alam, who recently got house constructed at Neelbad, said, “Construction cost is Rs 1500 per square ft. Even for interiors, cost has increased as transportation cost is included. Keeping in view the city’s proposed master plan, property rates increase automatically.”

DK Construction owner Devendra Sharma said, “Cement rate has increased from Rs 300 per bag to Rs 375 per bag, sand which was Rs 32 per ft, now costs Rs 48 ft, iron was Rs 50 per kg but now it is Rs 60 per kg. Labour cost has also increased. We have to pay minimum Rs 500. So, construction cost increased tremendously leading to hike in property rates.”