RANCHI: As of August 1, land and property valuations are set to increase by up to 10%, prompting an extraordinary surge of land buyers at the district registration office on Thursday. Buyers rushed to finalize registrations before the new rates take effect.
The government-mandated increase in land valuation, or circle rate, directly affects the baseline price for land transactions. A higher valuation translates to increased registration fees, which are determined as a percentage of this new benchmark.
This increase will affect all 53 urban wards and the surrounding mouzas, with more significant rises in sought-after areas such as Hinoo, Harmu, and Bariatu.
According to the revised rates, residential land in RMC ward 1 will now be priced at ₹4,95,641 per decimal, up from ₹4,50,583 until July 31. In the same area, commercial land will cost ₹9,91,282 per decimal instead of the previous rate of ₹9,01,166.
Sub-registrar Vaibhav Mani Tripathi reported that July saw a total of 1,523 land registrations, nearly double the monthly average. The impending increase in fees from August 1 heightened the urgency among buyers.
Many of those waiting outside the office shared their concerns. Rajeev Prasad, a government employee securing a plot in Ratu, stated, “We finalized the land a month ago, but the seller delayed the paperwork. I took leave today to ensure it gets done. A 10% hike could mean an extra ₹30,000 to ₹40,000 for me.”
Another buyer, Poonam Devi from Morabadi, waited four hours for her turn. “My son and I arrived early. We’ve been saving for this land for years. Even a one-day delay would cost us more than we can afford.”
Meanwhile, officials confirmed that the registry office would be open on Friday, but the new rates will be implemented as scheduled.
