Madhya Pradesh: State set to hike property rates by 20% in 15K locations

Madhya Pradesh: State set to hike property rates by 20% in 15K locations

Proposals sought from District Evaluation Committee

Staff ReporterUpdated: Thursday, March 16, 2023, 12:22 AM IST
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Representative Image | FPJ

Bhopal (Madhya Pradesh): The government has planned to raise property rates for registration at 15,000 locations across the state. Most of these locations are in Bhopal and Indore.

The government has sought proposals for raising property registration rates from District Evaluation Committees. Once the proposals are received, the property rates will be hiked. 

According to sources, property rates will be hiked by 15-20%. The rates of registration in most of the locations, identified by the government, are already higher than the ones fixed by the state.

There are many locations in Indore and Bhopal, where properties are being registered at higher rates, although 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.

According to a senior officer, the issue came to light when the cost of lands at various locations was evaluated.

There is a huge difference between the actual cost of land and the registration rates.

The difference is nearly 500% at many locations in Indore. Accordingly, the rates of property are being raised in many places, he said.

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