Bhopal (Madhya Pradesh): Property rates in Madhya Pradesh will see a significant hike from April 1, with Bhopal witnessing an 11% increase and other regions experiencing hikes of up to 20%. The decision was finalised in the Central Valuation Board meeting held on Saturday.
According to the Registration and Stamp Department, MP, out of 1.12 lakh locations considered for rate rationalisation, 54,000 locations have been selected for an increase due to their market value surpassing collector guidelines.
In Bhopal, an initial proposal suggested an 18% hike, which was later reduced to 14% following protests. However, after intervention from Bhopal MP Alok Sharma, the hike was further reduced to 11%.
MP Sharma told Free Press, “Initially, the proposal was for an 18% increase, but due to widespread protests from various stakeholders, officials brought it down to 14%. I took the initiative to negotiate further, and finally, we settled at an 11% hike.”
Officials said that the rate revision was based on multiple factors, including real estate transactions exceeding market value, upcoming infrastructure projects like the proposed ring road, national and state highways and rapid urbanisation across the state.
