A Minimum Collector Rate for Bhopal
May 19, 2016 Real Estate News
Bhopal has been on a steady growth path and development on the real estate front recently. It has been chosen to be developed as a smart city among the other cities across the country.
In a recent development in the city, the minimum collector rate at which a property is registered in Bhopal remains to be static all across the state, leaving an exception for just 20 locations. Apart from the real estate developments, the city has also got effected from the market slowdown. And with the recession that prevailed in the real estate market, there has been a proposal to increase the rate to a maximum of 10% in five locations and an increase in 15 other location in Bhopal at a rate ranging between 3.1% and 9.1%.
The district collector of Bhopal, Nishant Warwade has submitted the proposal for approval to the state government. The District administration earlier this month has reversed a proposal by the district valuation subcommittee. They had proposed a nearly 30% hike in the property rates all across 100 upcoming locations in the outskirts of Bhopal.
Hence, there has been an indicated a hike in 22 places in the city. Out of which six location in Bhopal would have a hike of 10%. The six locations include Royal Park (Neelbad), Cosmos city (Barda), Phase I and II, Damkheda (includes both residential and agricultural land), Comfort Heights and Lambakheda. For the other remaining 16 location, an increase of 5% has been proposed. These 16 locations are mostly situated on the outskirts of the state and out of which some are not within municipal limits also.
It has been noted that even with such a minimum collector rate, some properties are still unable to find or attract buyers. An estimate says that near about 10,000 properties are there in and around Bhopal which has failed to bring in costumers.
In a recent development in the city, the minimum collector rate at which a property is registered in Bhopal remains to be static all across the state, leaving an exception for just 20 locations. Apart from the real estate developments, the city has also got effected from the market slowdown. And with the recession that prevailed in the real estate market, there has been a proposal to increase the rate to a maximum of 10% in five locations and an increase in 15 other location in Bhopal at a rate ranging between 3.1% and 9.1%.
The district collector of Bhopal, Nishant Warwade has submitted the proposal for approval to the state government. The District administration earlier this month has reversed a proposal by the district valuation subcommittee. They had proposed a nearly 30% hike in the property rates all across 100 upcoming locations in the outskirts of Bhopal.
Hence, there has been an indicated a hike in 22 places in the city. Out of which six location in Bhopal would have a hike of 10%. The six locations include Royal Park (Neelbad), Cosmos city (Barda), Phase I and II, Damkheda (includes both residential and agricultural land), Comfort Heights and Lambakheda. For the other remaining 16 location, an increase of 5% has been proposed. These 16 locations are mostly situated on the outskirts of the state and out of which some are not within municipal limits also.
It has been noted that even with such a minimum collector rate, some properties are still unable to find or attract buyers. An estimate says that near about 10,000 properties are there in and around Bhopal which has failed to bring in costumers.
