Bhopal(Madhya Pradesh): The collector's guidelines of properties for 2023-24 have been increased in 18,000 locations across Madhya Pradesh. Inspector General Stamp and Registrar, Madhya Pradesh finalized land registry rates on Monday at a meeting of the Central Valuation Committee. The new collector’s guidelines will be effective from April 1,2023.
According to senior officers, for 2023-24, in all 1,13,000 lakh locations were identified in the state and out of these, the collector’s guidelines have been increased in 18,000 locations. Sources close to development said that in Bhopal, land rate has been increased by 2.9 %.
Land rates have been increased taking feedback from the public and growth potential of the area, said the officials.
Many land registries were executed at much higher rates than the collector’s guideline in posh areas specially along national highways, and this was taken into consideration while increasing the rate in the new guideline.
Secondly, growth potential of the locations has also been considered before increasing the rates, they said, adding that the valuation committee took account of these two factors. District valuation committee had proposed a 25% rate hike at 733 locations out of 3918 locations, officials added.
There are many locations in Indore and Bhopal, where properties are being registered at higher rates, even as the prices of property are low. The rates of property registration have been raised as people are taking loans on grounds of the actual cost of the land.
In 2019, the rate of lands was reduced by 20% in the state. Just to nullify the recession, the Government had notified the rate for land and because of it, rates had gone down by 20% in Madhya Pradesh in 2019. However, Registry rate was 12.5 % in 2021 during pandemic time in the state.
