INDORE: The Indore stamp and registrar department, which contributes around 25% of the state’s revenue through property registration, proposed an average 25.95% growth in the collector’s guideline for the next financial year. This is likely to help the department’s income increase from an expected Rs 2,600 crore by March 31 to cross the mark of Rs 3,200 crore in 2025-26.
The process of determining the govt guideline rates for immovable properties in Indore district, effective from April 1, is underway. On Saturday, the District Valuation Committee, led by collector Asheesh Singh and MLA Mahendra Hardiya, and attended by the Senior Registrar Amresh Naydu, approved a proposal to increase rates in 3,226 areas of the district. These locations are proposed to see an average increase of 25.95%. Notably, 635 areas are slated for a significant price hike ranging from 51 to 190%, while a whopping and highest 273% growth has been proposed for a private colony situated on Super Corridor in Bihadiya village.
Agricultural land prices in villages along the Outer Ring Road, Indore-Ujjain Ring Green Field Road, Economic Corridor, and Ahilya Path are also set to rise sharply, with proposed increases ranging from 100 to 190%. These increased guideline rates will affect property transactions in Indore district, influencing stamp duty and registration fees. The significant increases in agricultural land prices along key developing roads reflect the growing value of these areas. Besides, sources revealed the hike in rural areas will pave the way for govt projects, including road constructions, as farmers have been demanding a rise in compensation to acquire their lands.According to Naydu, the help of Artificial Intelligence (AI) was also taken in determining the appropriate rise in the collector’s guideline of property rates based on the number of registrations carried out in the current financial year, diversion of lands, and scope of development along with different projects proposed in the area.
