INDORE: The central evaluation committee has approved the proposal of the Indore district evaluation committee to increase the collector’s guideline of property rates in around 50% locations of the district for the next financial year.
The new rates will be implemented from April 1, 2024, and have seen an increase ranging from 20% to 100% in approximately 2,450 areas out of a total of around 5,000 in the state’s commercial capital.
Senior district registrar Amresh Naydu stated, “The central evaluation committee has approved a rise in the collector’s guideline of property rates in around 2,450 locations of the district. This includes close to 100 new residential and commercial projects, for which the new guideline will also be implemented from the next financial year.” The decision to revise the property rates was made after considering appropriate claims and objections from the public.
The district evaluation committee had proposed an increase of up to 10% in the collector’s guideline of property rates at 412 locations, an increase of 10% to 20% at 513 locations, an increase of 20% to 25% at 1,053 locations, and an increase of over 25% at 84 locations. Furthermore, there are 49 locations in the district where a rise of up to 100% in the current guideline was proposed.
The senior district registrar added, “With some minor changes in the proposal, the new guideline for property rates has been finalized by the central evaluation committee.”
The existing rates will be effective until March 31, and individuals can register their property deals at the stamp and registrar offices, which will remain open until the end of this month, except on Holi.
The use of Artificial Intelligence (AI Technique) played a significant role in scientifically determining the new rates of property, he said adding that the implementation of the revised guideline will contribute to the overall development and growth of the district’s real estate sector.
The objective is to ensure a fair and transparent system that benefits both buyers and sellers in the property market. The new rates will pave the way for future investments and development projects in the district, fostering economic prosperity and opportunities for the local community.
The district evaluation committee led by collector Asheesh Singh saw senior district registrar Amresh Naydu proposing a rise in the present guideline of property rate to be implemented from April 1, 2024.
