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The Indore corporation had set itself a target of reaching about 1000 crore rupees on stamp duty collection alone through the registration. But the corporation could only collect Rs. 600 crore. Only 60 % of the target was reached.
That could have been predicted. What else can the district administration expect. They keep increasing the rates and obviously not many people will come forward to register their property. They should look into what they are doing or they will be doomed.
I am tired of this rate hikes. I mean the continuous increase in guideline rates has badly affected the state revenue and real estate market in city but still the administration has not learned. What do they have for brains, seriously?
About the other areas of the cities, this is how it will be. The guideline rates will be increased by around 5 % to 10% in different areas of city, depending upon their current market rate.
SO here's basically how the changes will happen. The guideline rate of property will be increased by around 20% in the area where development work, including construction of new roads and widening of existing roads have taken place this year.
Now that you ask, as a matter of fact, yes. The district administration is actually trying to consider the oppositions. People are allowed till the 19 th of March to file in their objections regarding this. They will take relevant action regarding this.
You know when they will come up with the new guidelines for the rates? I heard that it will be on this coming Thursday or the 19 th of March. I seriously did not want this happening.
I don't think they will even waste a thought on this. The district administration is supposedly planning to increase the property prices by around 5 % to 20 %. While 5 % is considerable, 20 % is simply too too much.
The Indore Municipal Coropration has made up its mind to increase the property price in the city. This is a really bad move. The property prices are already high and the market is odwn like never before. So I think they should against doing this