Bihar Hikes Circle Rates, Making Land and Flat Purchases Costlier
PATNA: The cost of buying land and homes in Bihar has risen following the state government’s announcement on Thursday to increase registration fees for properties in both rural and urban areas. The updated minimum value register (MVR), or circle rates, shows a 60% hike in rural land rates and a doubling of urban rates. The prohibition, excise, and registration department released a notification on Thursday, with the revised rates taking immediate effect. Furthermore, the government has instituted an automatic yearly increment of 5% in MVR rates. The previous revision for MVR rates was conducted in 2013 for rural regions and…