Bhopal (Madhya Pradesh): Developers and city planers have expressed mixed views on state government’s plan for revision of land registration rates of immovable properties on quarterly basis. Confederation of Real Estate Developers' Associations of India (CREDAI) said that it would hold back investors from coming to Madhya Pradesh.
It will also affect property tax payers. For instance, cost of land registration is Rs 1 lakh and property tax is Rs 6 lakh. This will affect tax payers adversely if property rate is linked to property tax. Others said it would bring transparency. Excerpts of what they said.
Will hinder investors State CREDAI president Manoj Meek: It takes five to six months to finalise the property deal by investors. If government revises the land registry rate quarterly, it will hinder investors from coming to Madhya Pradesh. It will be direct loss to state. Similarly, it will also affect the property tax, which is being linked to property rate.”
Will create complications P Raju, managing director of Signature group: State government planning for property rate revision on quarterly basis will create complications for public and developers. It will also affect property tax payers who will be confused after quarterly valuation of property rates.”
Increase collector guideline Kamal Rathi, city planner: It will bring transparency in market. On outskirts like Ratibad, Mandora, Chandanpura, Kusalpura where prices are low as per the collector guideline but market values is very high. There, people are purchasing farm houses. There also, collector guideline rate should also be increased.
