Govt Valuation 131% up

Maharashtra Government has proposed a steep hike in the property rates of the land, taking the reality of real estate market into account. The new ready recknor to be implemented from January 1, 2008 has proposed hike upto 131 per cent for lands situated in no-development zone and for open agricultural lands situated within Municipal area of the second capital up to 162 per cent.

This is the biggest ever increase in the property tax till now. The maximum hike proposed in the area in proximity of proposed Empress City, Sitabuldi, Dhantoli, West High Court Road, Somalwada and Chinchbhuvan. With Wardha Road on fire and realty market witnessing its highest ever growth, the government has rationalised the ready recknor for valuation purposes to mop up additional revenue through stamp duty. This will also bring much needed transparency in property dealings and protect the interests of purchasers and state exchequer, a senior officer opined. For valuation purposes the city is divided in the 54 mouza and the rates varies in different areas, depending upon the existing market value, demand for the land, its location, existing infrastructure and other relevant factors. As per new ready reckoner the rate is Rs 16,000 per sq m on Central Avenue. The rate in Sitabuldi area is maximum Rs 20,000 per sq m on Mahatma Gandhi Road to Variety Road to east boundary. In West High Court (WHC) Road rate is Rs 15,000 per sq m and Palm Road Rs 12,000 per sq m. At Kamptee Road the rate is Rs 12,500 per sq m. Rates in Lendra (Ramdaspeth) on Wardha Road, from Panchsheel Square to Rani Jhansi Square is Rs 20,000 per sq m. On Wardha Road from North boundary to Defence Railway Crossing the rate is Rs 13,000 per sq m and from Ajni Square to Ring road is Rs 15,500 per sq m. The property rates are moving beyond the reach of middle class. Within the municipal limits, Town Planning (Valuation) Department has increased the open land rates up to 10 per cent in 347 areas, up to 20 per cent in 174 areas and beyond 20 per cent in 163 areas. In residential areas the rates have been increased up to 10 cent in 398 areas and between 11 per cent and 20 per cent in 165 and above 20 per cent in 37 localities. For buildings used for office and other professional use, property rates have been increased up to 10 per cent in 484 areas, between 11 to 20 per cent in 84 areas and above 20 per cent in 32 areas. The shops rates have been increased up to 10 per cent in 474 areas, from 11 to 20 per cent in 100 areas and above 20 per cent in 26 areas. The rates were finalised by the Assistant Director Town Planning (Valuation) Sujata Kadu and other town planning official after carefully examining the sale/purchase of properties registered during last 12 months and their prevailing market rate. Sources disclosed that the rates have been increased due to ongoing development of Empress City, Nirmal City, Multimodal International Hub Airport at Nagpur (MIHAN), Special Economic Zone, Sahara City, Five Star Industrial Estate near Butibori and proposed NTPC’s 1000 mw power plant at Mouda and its effects on the near-by localities.

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~ by nagpurestate on December 27, 2007.

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