representative imageBhopal: There is bad news for home buyers in the state capital. property prices Set to increase from 5% to 250% at 230 locations in the state capital, the district administration and the Stamps and Registration Department have proposed the second hike in collector guideline rates this financial year. Once approved, the proposed new rates will be applicable from April 1, 2025.
As per the proposal the property price hike or collector rate will increase at 230 places instead of 243 places. There will also be a 5% reduction in the proposed 230 locations.
For the first time in the state capital, the registration department is implementing the second property price hike within a year, making property registration a challenging task for common citizens.
Recently MP CM Mohan Yadav Directed to set property guideline rates quarterly, the registration department proposed an increase of five to 300% in 243 locations in November. The first exercise was implemented from April this year.
In the District Evaluation Committee meeting held on Monday, the Registration Department’s proposal to increase 243 places had to face opposition from Bhopal South-West MLA Bhagwandas Sabnani.
He advocated rolling back the hike at 13 locations and reducing the proposed prices by 5% at the remaining 230 locations. The Registration Department will prepare a revised proposal by Wednesday to submit it to the Central Evaluation Committee.
In Monday’s meeting, the registration department proposed an increase from 5 percent to 300 percent at these places. After the approval, land registration will proceed as per the new guidelines and rates across residential, commercial and agricultural sectors may increase by an average of 8.55%.
During the meeting, Bhopal District Collector Kaushalendra Vikram Singh said that discussions were held on the basis of the proposal. The revised proposal will be sent to the Central Evaluation Committee.
