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Property valuation goes up

From Friday, August 1, the minimum valuation of property — land or houses or flats — would increase by at least 10-20 per cent across the state, in urban and rural areas alike.

Minimum valuation is defined by the lowest amount based on which the registry of a property concerned is done at a sub-registrar’s office.

“The minimum valuation of property will increase all across Jharkhand from Friday,” state registration department secretary Satendra Singh told The Telegraph on Thursday.

Singh, who is also the inspector-general (registrations), added that stamp duty of 3 per cent and registration fee of 4 per cent would stay unchanged.

The registration department secretary also explained the reason behind the hike.

“According to rules, the minimum valuation rate in urban areas is increased every year and in rural areas once every two years,” he added.

On how the rates are decided, he said: We take into consideration the average of all property registrations of a particular mauza/ward of last year while deciding new rates for different areas.”

“There will be no registration on Friday as we will make digital entries of the new rates. So, for all practical purposes, the new rates will come into effect from August 2,” said East Singhbhum sub-registrar Ashok Kumar Sinha.

People may register their property at rates higher than its minimum valuation, too.