- Important decision soon
- Order issued for private agency report
- Discussions in the advisory committee meeting
- Third-party report says price increase should be scientific
In the state, over the past seven to eight years, land prices have increased drastically due to real estate growth. The real estate boom continued steadily for several years. Although the sector is currently facing some fluctuations, registration figures indicate that housing purchases are still happening to some extent.
However, government records show land prices at lower values, causing a loss in government revenue. To reduce this discrepancy and increase revenue, the government has decided to revise the market values of land.
Following directions from Deputy Chief Minister Bhatti Vikramarka, the Market Value Central Advisory Committee discussed this matter. Based on a private agency’s report, it was recommended that any increase should be scientific and justified. A final decision on the revision is expected soon.
Recently, in a resource coordination meeting led by Deputy Chief Minister Bhatti Vikramarka, registration department officials were advised to prepare proposals regarding the increase in land values. Following this, the Market Value Central Advisory Committee at the state level convened and discussed the matter.
The government had previously commissioned a study on the increase in land values through a private agency, and based on that report, it suggested the registration department explore ways to increase revenue. Officials met several times and submitted their opinions to the government.
Due to various reasons, the decision on the value hike has been delayed, but the government is now considering taking a decision soon. With a recent request for the report to be submitted, discussions are underway that an increase is certain.
The Central Valuation Advisory Committee, chaired by the Registration Department IG and convened by the Joint IG, includes the CCLA Secretary and officials from other departments as members. This committee reviews the market values of land and submits a report to the government with necessary recommendations.
Recently, on Tuesday, the CVAC met at the Registration Department office and discussed the market values. They are expected to meet again soon to submit a comprehensive report to the government. The decision on how much to increase land values rests with the government however, the third-party agency’s report emphasised that the increase should be scientific and well-founded.
