The Registration and Stamps department has decided to revise the market values of different kinds of properties ranging from 10 per cent to 50 per cent depending on the current market prices.
Accordingly, it has been proposed to raise the market value of the lands in the range of ₹ 75,000 an acre to ₹ 5 crore an acre by 50 per cent. This would mean a land presently costing ₹ 10 lakh an acre would forthwith cost ₹15 lakh an acre once the revised market values become effective.
The department prepared proposals for agricultural lands, open plots and apartments in different areas and submitted the feedback to the government.
The new market values will become effective once the government issues a formal order relating to the proposals made by the department.
According to senior officials, the lowest value of land in the State at present was ₹ 75,000 an acre and this would be enhanced by 50 per cent.
“Market value of lands ranging from ₹ 75,000 an acre to ₹ 5 crore an acre will be enhanced by 50 per cent. It will be 20 per cent for lands beyond ₹5 crore an acre and 10 per cent in case of those beyond Rs. 10 crore an acre,” a senior official told The Hindu.
Market values of open plots will also be subject to change and the revision will be of the order of 10 per cent to 35 per cent.
Accordingly, there will be 35 per cent rise in market value of open plots which are currently valued up to ₹ 20,000 a square yard and it will be 15 per cent for open plots valued between ₹20,000 to ₹ 40,000 a sq.yd. “For lands currently valued beyond ₹ 40,000 a square yard, the revision will be 10 per cent,” the official said.
Upward revision will also be affected in case of apartments.
Accordingly, 25 per cent increase has been proposed in areas where the value is upto ₹ 4,000 per square feet and it will be 15 per cent higher in case of areas where per square feet value is beyond ₹ 4,000.