Land of ‘opportunities’
The Hindu
Cash-strapped govt. eyes upward revision of land values as a means of garnering additional revenue, while COVID-19-hit builders and buyers seem to be averse to shouldering any additional burden
The spectre of a revision in the market value of lands is looming large as it has been the practice to make changes once in two years in the villages and every year in cities and towns. The Registration and Stamps Department is expected to increase the values in both rural and urban areas this year but obviously by a different measure. The market grapevine is that the increase could be between 10% and 50%. The values in cities and towns were increased by up to 30% last year which fetched just under ₹1,000 crore. The registration rates were not enhanced at that time. The market value revision is seen as an essential means to garner additional revenue as the cash-strapped government is looking for a steady stream of money that will replenish the coffers to some extent.
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