Road proximity to decide land circle rates: Officials
PATNA, June 20 -- Proximity of land to roads will be one of the main criteria for fixing the category of land in both rural and urban areas including metropolitan area to be done by the district valuation committees as per the new policy of minimum value register or circle rates of land, said officials in the prohibition, excise and registration department on Friday.
The hike in minimum value register (MVR) or circle rates of land was made on Thursday with immediate effect from Friday under which the circle rate of land in urban areas has been enhanced two times of the existing rates and 1.6 times in rural areas from existing rates, making registration of land costlier.
Sources in the registration department said the exercise of classifying various categories of land in both rural and urban areas would take few weeks and would be effective from July 1st. The department has already announced there would be seven different categories of land in rural/peripheral areas and six categories of land in urban areas. "There will be meetings of district valuation committees headed by DMs to evaluate and fix the various categories of land in both rural and urban areas. It will take a few weeks' time and likely to be announced in end of June, which would be effective from 1 July tentatively," said a senior officer in the department.
Officials said the criteria of road proximity with land and infrastructure in the area would be the main factors for fixing the new categories of land so that there is more uniformity. "Land close to roads will be on a higher category than land which are distant. Other aspects would also be taken into account by committees," said another official.
Meanwhile, Patna sub- registry officials said new MVR rates was easy to calculate as it's just two times of the exiting rates. "For example, if circle rate of land in prime localities like Boring road, Patliputra colony, Kankerbagh or Rajabazaar was Rs.35- 40 lakh per decimal, it would be now Rs.75- 80 lakh per decimal. So, one has to calculate the registration on the new MVR that way," said an official in Patna registry office.
In Patna, land prices in prime localities have skyrocketed in past few years, a reason why the government has chosen to hike the MVR to make it commensurate to market rates and earn higher revenue through registration of land deeds and sale of flats. Of course, the registration cost has increased by one percent owing to increase in stamp duty by one percent, which has made the total registration cost on purchase of land to 11 percent of the property transaction based on MVR, officials said. For flats, registration cost will have a small hike as structure rates remain unchanged, officials said....
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