The Stamps and Registration department, which is in a hurry to improve its revenues, is all set to revise market value of land. The new rates will come into force from August 1.
Focusing on improving the revenue through the department, the government has ordered upward revision of the market value of land and other forms of property in the urban as well as rural areas wherever necessary, to keep them on a par with prevailing actual values, for registration purpose.
The increase in market values is likely to be between 10 and 20 % based on last year’s data of transactions and conversion applications. The department has already done the exercise in this regard. Market rates would be revised based on two-year data of total number of transactions, land usage and conversion, and layout applications. The revision committees in districts headed by either joint collector or RDO will decide the rates in their respective districts.
Collectors watchful
The district Collectors, however, were treading cautiously as the government has lined up many projects in every district.
The government has to acquire land for industrial, irrigation etc projects. Keeping in view the land acquisitions to be taken up, the committees will recommend the new rates.
The move is expected to fetch additional revenues to the cash-starved exchequer. The State government has fixed a revenue target of ₹4,000 crore for the department this year. The collections, however, are not on expected lines. Notwithstanding the usual trend, there has been a surge in registrations during last five days.
The collections crossed the ₹9-crore mark per day in view of proposed revision of the values.
The department used to earn ₹13 crore to ₹15 crore per day before the demonetisation . But in the days that followed, the collections fell to ₹6 crore to ₹9 crore per day. They even plummeted to ₹3 crore per day on some occasions, sources say.