The Circuit House Area, under Bistupur police station, continues to be Jamshedpur most expensive real estate going by the revised rates of registration of land, houses or apartments coming into effect across the state from Tuesday.

"We will be uploading new rates of registration in our computer system Monday night. If the server is fine, we will start registrations with the new rates from noon tomorrow (Tuesday)," said East Singhbhum district sub-registrar V.M. Tripathy.

As per the new rates, the minimum valuation of land and structures (flats and house), below which registration would not be required, has been hiked by 10 per cent to 20 per cent in urban areas, depending on a state registration department circular, he explained.

In Circuit House Area, one decimal of residential land will cost Rs 18.68 lakh and commercial land Rs 37.37 lakh.

As far as buildings (flats, commercial structures) go, a flat in Bistupur, Sakchi and Baradwari will cost Rs 6,080 per sqft while a commercial unit (shop or office) Rs 7,300. Circuit House Area comes next with flats of Rs 5,910 per sqft and commercial units for Rs 7,300.

Flats are cheapest in three localities, Telco, Mango and Golmuri, all at Rs 3,100 per sqft. A commercial unit in Telco and Golmuri will cost Rs 3,410 per sqft while in Mango Rs 3,570. Land is cheapest in Telco with Rs 2.22 lakh per decimal for residential and Rs 3.7 lakh for commercial plots.

Mango and Sitaramdera are the other two localities in Jamshedpur where land is still cheap.

Property registration rates in Jamshedpur were last revised in October 2016.

"Usually, the minimum valuation of land is hiked every year in August. However, due to software issues, the hike could not take place in August last year. In Jamshedpur, the new rates were effective from October 1, 2016," added Tripathy.

Registration fee of 3 per cent and stamp duty of 4 per cent remain unchanged.

Builders said they were prepared for a hike in registration rates, but expressed their displeasure at frequent technical glitches.

"We were expecting this hike as usual in August. However, considering demonetisation and GST, the government could have reduced the hike. We tried to complete as many registrations as possible on the last day for the benefit of customers, but connectivity was poor and the leased line didn't work. The government should ensure infrastructure is up to the mark before going ahead with hikes," said Jamshedpur chapter secretary of Builders Association of India Sibu Burman.

A leading realtor, Kaushal Kanchan Singh, said they foresaw more burden on buyers. "After registry, they have to pay GST of 12 per cent, which was 5.25 per cent pre-GST," he said.

Till 5pm on Monday, 80 registrations had been completed at the district sub-registry office, against the usual average of 35-40 daily.

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