RANCHI: With land and property valuation set to rise by up to 10% from August 1, the Ranchi’s district registration office saw an unprecedented rush of land buyers on Thursday to complete registrations before the revised rates kick in.
The increase in govt-set land valuation, or circle rate impacts the base price at which land transactions are registered. A higher valuation means buyers will need to pay higher registration charges, which are calculated as a percentage of this benchmark value.
The hike will impact all 53 urban wards and adjoining mouzas, with more pronounced increase in high-demand localities like Hinoo, Harmu, and Bariatu.
As per the revised rates, residential land price in areas under the RMC ward 1 would be Rs 4,95,641 per decimal, as against Rs 4,50,583 per decimal till July 31. The amount for commercial land in the same area would be Rs 9,91,282 per decimal as against the present rate of Rs 9,01,166 per decimal.
Sub-registrar Vaibhav Mani Tripathi said, “A total of 1,523 land registrations were done in July, almost twice the monthly average. The fear of paying significantly more in duties from August 1 led to the urgency.”
Customers camping outside the office on Thursday echoed anxiety. Rajeev Prasad, a govt employee finalizing a plot in Ratu, said, “We had finalised the land a month ago, but the seller delayed paperwork. I literally took leave from work today to ensure it gets done. A 10% hike means Rs 30,000 to Rs 40,000 extra in my case.”
Another buyer from Morabadi, Poonam Devi, waited four hours for her turn. “My son and I came early in the morning. We have been saving for this land for years. Delaying this by even a day would have meant shelling out money we didn’t have.”
Meanwhile, the registry office will be functional on Friday. However, the revised rates would be implemented, officials said.
