Builders welcome reduced MVR of land, flats
MVR of flats in Patna has been reduced by 10 % to 40% meaning the buyers will now be able to save at least Rs400 to Rs500 per square feet in the registration cost of their flats
Oct 11, 2014
Source : The Times of India
Real Estate


PATNA: The city developers have welcomed the government's move to slash the Minimum Value Register (MVR) of land and flats as they believe the new rates will beckon more buyers due to reduced price of land. It is a win-win situation for all - buyers, developers as well the as government - as there will be an increase in the number of registration for properties in the district, believe real estate pundits.

The Patna district administration on Wednesday announced the revised MVR of lands and flats in the district as per which MVR of flats in Patna has been reduced by 10 % to 40% meaning the buyers will now be able to save at least Rs400 to Rs500 per square feet in the registration cost of their flats located at places like Frazer Road, Boring Road and Nageshwar Colony as the value of the land will be less.

Patna has been classified into five zones in terms of MVR of flats. Posh areas such as Frazer Road, Nageshwar Colony, Boring Road and parts of central Patna fall in zone V for which the MVR has been reduced by 10%. Also for Pataliputra, Sheikhpura and Jagdeo Path, which fall in zone IV, the MVR has been slashed by 10 to 15%. In zone III to I, which comprise Kankarbagh, Old Bypass, Ramna Road, Kunkun Singh lane, Shalimar Sweets and remaining parts of the district, the MVR has been slashed from 15% to 25%. The revised rates will be applicable from October 10.

Earlier, several cases were reported in which the MVR was higher than the actual market price of the property. "Even the government, when it acquired land, used to pay compensation to the owners which would increase manifold from the market price of the land due to the high MVR," Builders' Association of India (Patna chapter) general secretary N K Thakur said.

But the reduction in the MVR has definitely brought relief to the government. Thakur further said that many persons, who had bought property, did not turn up for their registration as they feared the registration cost would burn a hole in their pockets.

"But after the announcement, I have got several calls from my customers to know about the actual amount to be paid as registration charge," Thakur said.

The district administration on Wednesday also reduced the MVR for agricultural land by 30% compared to the existing circle rates whereas the MVR of land in developing zones has been reduced by 20% to 22%.

Latest Realty News

IIM-B professor on World Economic Forum panel on real estate
Oct 11, 2014
Dr Venkatesh Panchapagesan, Associate Professor, Finance & Control Area, and Coordinator of the IIM Bangalore-Century Real Estate Research Initiative, has been appointed member of the advisory committee of the World Economic Forum on real estate
Land worth Rs 1 lakh crore encroached in Bangalore
Oct 11, 2014
It may be the biggest daylight land robbery in the state, but nothing much has been done to either book the encroachers
DDA Says 2,000 Conveyance Deeds Issued at Leasehold Conversion Camps
Oct 11, 2014
The Delhi Development Authority (DDA) has so far issued 2,000 conveyance deeds as part of its drive for people to get their properties converted from leasehold to freehold
Encroachments lead to choking of sewer lines in Bhubaneswar
Oct 11, 2014
Unauthorized constructions on conservancy lanes (gaps between two rows of houses) at Unit-IX here have led to choking of sewer lines
Mobility boost to check land sharks
Oct 11, 2014
The state government has decided to provide six vehicles to Bhubaneswar Development Authority (BDA) to check encroachments on vacant government lands
Schemes like smart cities, speed trains in next budget: Arvind Mayaram
Oct 11, 2014
The Budget 2015-16 will include many of the schemes announced by Prime Minister Narendra Modi such as smart cities and high speed trains, Finance Secretary Arvind Mayaram said
Smart City: Narendra Modi's Rs 78,000 crore GIFT project caught in red tape at the Centre
Oct 11, 2014
The first smart city that the Gujarat government had embarked on under then chief minister Modi in 2007 — the Rs 78,000 crore GIFT city is caught in red tape at the Centre
Mumbai’s ‘recession-proof’ south witnesses a downturn
Oct 11, 2014
With Mumbai’s real estate sector activity shifting northwards, a trend that is amply reflected in the surge in prices in that part of India’s business capital, south Mumbai’s billing as the country’s costliest real estate hub seems to be under threat
51st Edition of 'Gruhapravesh'- India's Biggest Property Show in Noida this October
Oct 11, 2014
Gruhapravesh comes back to Noida this year with its 51st edition following the ongoing festive season across the country
Mid, small size house price rise moderated more: RBI
Oct 11, 2014
The Reserve Bank of India (RBI) said the price of houses in the small and medium size category has moderated more sharply as compared to the large size category

Latest Realty News Of State

Realty Talk's