Buying or selling property in Bihar may soon cost more. The state government has started a fresh review of Bihar land registration rates after a gap of almost ten years. This move could increase the official value of land and flats across the state.
The Prohibition, Excise and Registration Department has asked District Valuation Committees in all districts to review the Minimum Value Rate (MVR). These committees work under the District Magistrates. They will study current market prices and submit their reports to the government.
The review will cover both rural and urban areas. Bihar land registration rates in rural areas have not changed since 2013. In cities, the last revision happened in 2016. During this time, actual market prices have increased many times.
Officials say a wide gap now exists between real market value and government rates, especially in developed areas and along major roads. This gap affects stamp duty and registration revenue.
Land will be classified in detail. Rural land categories include commercial, residential, industrial, irrigated, unirrigated, and sandy or rocky land. Urban areas will be divided based on main roads, branch roads, residential streets, and industrial use.
Once revised, higher MVRs will increase government revenue from registration and stamp duty.
