The Bhopal Stamp and Registrar Department has received more than two dozen claims and objections over proposed Collectorate property rate hike for this year. According to the officials, citizens were given an opportunity to submit suggestions or objections regarding the proposed rates till deadline. By March 21, a total of 30 objections were filed, 20 online and 10 offline, according to the Registrar office officials. Initially, the deadline for submitting suggestions was set for March 19, but it has now been extended to March 22, which is today. After this, a meeting will be held on Monday to discuss the matter.

 

This year, the Registration Department utilised Artificial Intelligence (AI) to identify high-rate areas from 3,883 locations in the district. On Thursday, the District Valuation Committee received the proposal, and objections are invited until March 22. The new rates, once approved by the Central Valuation Committee, will be implemented starting from April 2025. One of the key changes is that the number of locations has been reduced from 3,885 to 2,885, eliminating 1,000 locations. This reduction is expected to prevent confusion and discrepancies caused by varying rates at the same location. However, people will no longer be able to benefit from registration at lower rates. Additionally, for the first time, a provision for registration discounts has been introduced, which is expected to attract more real estate investors. Regarding the matter, Bhopal Collector Kaushalendra Vikram Singh stated that the proposal was received in a meeting of the District Valuation Committee.

 

After completing the suggestions and objections process, the proposal will be sent to the Central Valuation Committee for final approval. Once approved, the new system will be implemented. CREDAI President Manoj Meek expressed concerns over the disproportionate rise in guideline rates, stating that such increases hinder urban development, affect common citizens, businesses, and industrial growth. He emphasised that without transparency and balance, such hikes could lead to market instability, discourage investment, and make residential and commercial properties unaffordable for the general public. CREDAI firmly believes that property rates should be determined on scientific and rational grounds, ensuring the participation of all relevant stakeholders and a transparent pricing process. The organisation is committed to advocating for a lasting solution in the public interest and expects a fair decision from the Government.