What’s inside:
The Bihar government is set to change land circle rates, impacting land prices and real estate from January.
Big changes are coming to the land market in Bihar! The state government is getting ready to introduce new circle rates starting in January. This will affect how land is registered and will have a huge impact on both the common people and the real estate market.
The new circle rates, known as the Minimum Value Rate (MVR), could make land registration up to three times more expensive. The District Registration Office is working on reports to set land prices based on current market trends, as there hasn’t been a rate increase since 2013, while land prices in many areas have shot up.
This change will mostly affect areas within the municipal corporation. Rates will be determined based on various factors like road access, location, and infrastructure development. There will also be a clearer classification of land as old mouzas are updated in the system.
The department is sending out reports for each ward daily, and the new rates are expected to be in place by January or February. Once the new MVR is active, land registration will become more expensive, leading to increased activity in investments, buying, selling, and building projects.
Overall, the new year looks set to bring rising land prices and more revenue for the real estate sector in Bihar. The government is focusing on areas with high transaction volumes to boost income.
Summary:
- Bihar is changing land circle rates from January.
- New rates could make land registration three times costlier.
- Municipal areas will see the biggest impact.
- Reports for each ward are being prepared daily.
- Expect more activity in the real estate market soon.
