Residents of Jamshedpur, Ranchi, and Dhanbad are likely to face increased costs for property registration from August 1, impacting land and home purchases.
JAMSHEDPUR – There is a likelihood of a statewide increase in the cost of registering land, homes, and apartments, starting August 1.
This will directly impact the residents of Jamshedpur and its surrounding communities, namely Bistupur, Sakchi, CH, Beldih, and Sonari.
Land prices in these areas are expected to witness an approximate increase of 10%, and consequently, a rise of around 20% in the land register.
The situation is similar in all districts across the state, including Ranchi and Dhanbad.
In Ranchi’s metropolitan regions, the registration cost will face an escalation ranging between 5% to 10%.
Areas outside of the Ranchi Municipal Corporation zone, namely regions under Bundu Nagar Panchayat, RRDA, and Census Town jurisdiction, will also experience a surge in land values and registration costs.
Among these, the most significant rise is projected in Chadri Mauza, Ranchi Mauza, Doranda, Hinoo, and Kadru, making land in Ranchi a pricey proposition.
It may be added here that as per the norms of the Land Revenue and Registration Department, revision of increase in registration fee is done every year.
The rates of registration of land and houses are increased every two years in urban areas and rural areas.
For the last time in the year 2021, the prices of land, houses and flats in urban areas were increased by 10 percent.
That will remain in force till 31 July 2023.
According to the government rule, the government rate of land in rural and urban areas is increased every 2 years.
This has a direct impact on the court and stamp fees charged in the registry.
