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Patna New Circle Rate: There is a discussion in the District Registration Office that the new circle rate i.e. Market Value Rate (MVR) is likely to be implemented from the new year. This will have a direct impact on the common people. Because the cost of registry can increase manifold.
Patna : If you are planning to buy land or flat in the new year, then be prepared to spend a lot of money. From January 2025, land registry is expected to become three times more expensive in the entire district including Patna. Actually, there is discussion in the District Registration Office that the new circle rate i.e. Market Value Rate (MVR) is likely to be implemented from the new year. This will have a direct impact on the common people, because the cost of registry can increase manifold.
Evaluation is being done in all wards
Let us tell you that the process of MVR amendment is going on at a fast pace in Patna district. Especially in all the 75 wards of Patna Municipal Corporation, new evaluation of land and flat prices is going on. At the same time, the final phase of survey is going on in Nagar Panchayat and rural areas also. After this process is completed, the new circle rate will be implemented.
Registry can become three times more expensive
There is a discussion going on in the District Registration Office that this time the amendment is going to be big. In many areas, a huge difference has been found between the current circle rate and the market price. It is estimated that there could be an increase of Rs 200 to Rs 300 per square foot. In some places, the registry is likely to be up to three times more expensive. However, the quantum of increase will be known only after implementation.
Change is happening after a long time
According to the information, for the first time after 2013, a major change is being made in MVR. The price of land has increased manifold in the last decade, but the circle rate is stuck at the same old level. The result is that land is being sold at high prices in the market. Whereas registration is being done at a lower rate. Due to this the department is facing huge revenue loss.
The list of roads is also being updated
The team of Patna District Registration Office is calculating the area wise circle rate. Which road will fall in which category in the wards. Its new list is being prepared. After the revision, the number of seats will also be increased, so that the registration process can become easier. The biggest change will be seen in the municipal corporation area. There is more buying and selling of property here, hence a substantial increase in rates is possible to increase the revenue.
