Even as the real estate market has not been doing exactly well in the State for various reasons, the government is all set to steeply revise the market values of agricultural and urban lands from August 1.
With the proposed direct increase in land values after a gap of two years, the registration fee and stamp duty will go up proportionately to bring in more revenue to the department of Registration and Stamps and help it meet the target for the current financial year.
The department of Registration and Stamps had already issued instructions to all the district level officials that they should ensure the proposed market values were in the range of 60 per cent of the prevailing market values and that they should avoid fixing very low values compared with the prevailing rates. A meeting convened by the Commissioner and Inspector General of Registration and Stamps last week had issued instructions that all the Deputy Inspectors General should not simply rely on the proposals sent by district level officers but collect the field maps of urban areas to inspect them personally and identify the growth pockets for proposing correct market values.
Even in rural areas, the land values must be verified thoroughly to reflect the real market trends, he said.
As prevailing market values may be varying from area to area, the Deputy Inspectors General should keep in mind that the proposed percentage of increase in market value should also be fixed accordingly. They were also categorically told to verify the proposals already prepared with respect to adjoining areas of municipal corporations and ensure that they reflected the real growth on the field.
The IG appointed six officers for six zones to ascertain that the revision of market values was done as per guidelines.
