INDORE: Property guideline in Indore has been increased for the second time in the current financial year at 469 existing locations and 111 new colonies out of a total of 5,325 locations in the district.
“Indore district evaluation committee had sent a proposal to revise the guideline at 469 existing locations, along with preparing the property rate for 111 newly-developed colonies which the Bhopal-based central evaluation committee approved on Wednesday,” senior district registrar Amresh Naidu said. “Upto 250% rise was reported at a location in this first-time midterm revision of the collector’s guideline,” he said.
“A village in Mhow recorded a property registration as high as 600%, while a property registration in another village was reported at 465% of the existing collector’s guideline. As such, a maximum 250% rise, which was the highest cutoff, was made in the existing guideline of these two locations,” Naidu said.
He said that the district evaluation committee received a total of 26 claims and objections against the proposed revision in the guideline. Of these, eight claims and objections were accepted, while the remaining were disposed of before sending the final proposal to the central evaluation committee. “In the revision, the guideline was reduced at two locations,” he said.
In the statewide revision of the collector’s guideline, a maximum rise of around 3% in the property rate was reported only in Indore. In April, the collector’s guideline in Indore district increased in around 50% locations.
“In this midterm revision, up to a 10% rise was approved for 112 locations, an 11-20% hike at 190 locations, 21-30% rise at 77 locations, and 31-250% at 90 locations,” Naidu said.
The senior district registrar said that Indore district stamp and registrar department, which generated around Rs 2,540 crore revenue in the last financial year, has received a target of Rs 3,150 crore for the current financial year, and the revised guideline would help achieve the same.
As per the records, maximum hike in urban area has been reported in Readymade Garment E Sector from Rs1,800/sqm to Rs 6,500/sqm and in Samridhhi Park from Rs 13,000/sqm to Rs 26,000/sqm. The rates in Lalpura village have been increased from Rs 1,100/sqm to Rs 3,300/sqm in rural part of the district.
According to senior advocate Pramod Dwivedi, the increase in property rates was likely to make it easier for individuals to obtain larger bank loans, while the same was also expected to generate more revenue for the govt.
“The revision of collector’s guideline is based on a comprehensive evaluation of various factors, including market trends and property values in similar and neighbouring locations. With increased property values, the city is likely to witness a surge in real estate activity. It may, however, also lead to an increase in property prices, making it more challenging for first-time homebuyers,” he said.
