Patna. Important information has come to light for land owners in Bihar. The state government has started preparations to increase the rates of land and real estate registration after a long gap of almost a decade. Its objective is to reduce the gap between the rising market value and government rate (MVR).
MVR Review Process
The Alcohol Prohibition Excise and Registration Department has constituted District Evaluation Committees under the chairmanship of DM in all the districts. These committees have been instructed to assess the existing market rate in urban and rural areas and recommend setting a new rate of Minimum Value Rate (MVR). The state government will take the final decision only on the basis of the reports of the committees.
As per the information, the last change in MVR in rural areas was in 2013 and in urban areas in 2016. But now the actual market rate of land has increased manifold, due to which there is a huge difference between the government rate and the market price.
What will be the benefit of increasing MVR?
The increase in MVR will provide additional revenue to the government from registration and stamp duty. This step will also ensure greater transparency for the buyer and seller.
new classification of land
countryside: Commercial land, industrial land, residential land, land on both sides of national highways and main roads, irrigated land, non-irrigated land, sandy, rocky, diara and chawar land.
Urban Area:
Commercial/residential land on main road, commercial/residential land on main road, industrial land, commercial/residential land on branch road, residential land on other road, agricultural/non-residential land.
According to experts, MVR is being decided according to the market rate of main roads and newly developed areas, due to which the registration process in future will be more transparent and in line with the actual market.
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