BHOPAL : The district valuation sub-committee has proposed “no hike” in rates of properties in the state capital in the next financial year.

The decision was taken at a meeting of valuation sub-committee on Saturday. Sub-registrar, tehsildars and others officials placed their views in the meeting, which was presided over by sub-committee chairman and SDM Atul Singh. The proposals will be sent to valuation committee headed by collector. The sub-committee decides collector guidelines to fix rates of properties.

Senior sub registrar Rashmi Sen said, “We have not proposed any hike in rates of properties be it agriculture, residential or commercial land.”  Chairman of the sub-committee Atul Singh admitted that SDMs, tehsildars have advocated not to increase rates of properties. However, he declined to give reason for such a decision.

According to sources, patwaris and tehsildars opposed hike in property rates at the meeting as real estate is reeling under financial constraints. They said that though registration fee and stamp duty are major sources of income for state government, any further hike in rates of properties will further affect the real estate adversely. This in turn will affect government’s revenue flow.

Finally, the sub-committee decided not to increase rates, as the city has witnessed consistent rates hike earlier.

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