BHOPAL: Bad news for home buyers in the state capital. Property prices are set to increase from 5% to 250% at 230 locations in the state capital with the district administration and stamps and registration department proposing a second hike in collector guideline rates this fiscal. The proposed new rates, once approved, will be applicable from April 1, 2025.
According to the proposal property prices enhancement or collectorate rate will surge at 230 locations instead of 243 locations. There will also be a 5% reduction at the proposed 230 locations as well.
For the first time in the state capital, the registration department is implementing a second property price increase within a year, making property registration a challenging task for ordinary citizens.
Recently, MP CM Mohan Yadav instructed to establish guideline rates of property quarterly, following which the registration department proposed an increase of five to 300% at 243 locations in November. The first exercise was applicable from April this year.
In the district assessment committee meeting held on Monday, the registration department’s proposal for increases at 243 locations faced opposition from Bhopal South-West MLA Bhagwandas Sabnani.
He advocated withdrawing increases at 13 locations and reducing proposed prices by 5% at the remaining 230 locations. The registration department shall prepare a revised proposal by Wednesday for submission to the Central Valuation Committee.
In Monday’s meeting, the registration department proposed a hike of 5% to 300% in these locations. Following approval, land registration will proceed according to new guidelines and the rates may increase by an average of 8.55% in residential, commercial and agricultural sectors.
During the meeting, Bhopal district collector Kaushalendra Vikram Singh stated that deliberations were conducted based on the proposal. The amended proposal will be forwarded to the Central Valuation Committee.
