- Property rates see a 50% surge in some areas
Bhopal: Buying a home in the city has become more expensive as property registration rates saw an average increase of 11% from Tuesday. This hike in the collector’s guideline rates will lead to higher property prices, making it more difficult for homebuyers. The state government has approved the new rates, which reflect an average 11% rise in property values. While the Central Valuation Committee had proposed a 14% increase, certain areas in Bhopal, such as Bawadiya in urban regions and Ratibad and Neelbad in rural areas, have seen price hikes exceeding 50%. These areas, where property transactions are more frequent, are among the 167 locations that experienced substantial increases.
Out of the 3,883 locations in Bhopal, 1,312 saw price revisions, while 1,601 locations remained unchanged. The new rates took effect from April 1.
CREDAI says the process is not scientific and transparent
Real estate body CREDAI has expressed concerns over the process, calling it neither scientific nor transparent. CREDAI Bhopal President Manoj Singh Meek criticized the method, stating that, according to the Supreme Court’s orders, circle rates should be based on actual market values rather than estimates. The average increase of 11% came after intervention by Bhopal MP Alok Sharma and District Valuation Committee member, MLA Bhagwandas Sabnani.
