Flats and land in Tharpakhna and East Jail Road will continue to be the costliest in the capital with effect from August 1.
Baring six wards of Ranchi Municipal Corporation (RMC) 39, 40, 41, 42, 43 and 44, which are under HEC Township, flat prices have increased by 10 per cent and land by 15 per cent in the remaining 49 wards, the annual government exercise of increasing land rates to bring a parity between market and government rates and shore up revenue has revealed.
An initiative of state land and revenue department, every district registrar office evaluates and recommends the percentage by which land price should increase.
In Ranchi, registration will be suspended at the Kutchery office on August 1, Tuesday, as new rates and corresponding areas will be uploaded. Registration under new rates will start from August 2, Wednesday.
Now, commercial land in Doranda and Hinoo, under ward 47, will be the costliest. Here, government rate of a commercial plot is fixed as Rs 17.92 lakh per decimal. Commercial land of Gari-Hotwar, under ward 7 and about 7km from the heart of the city, will be the cheapest at Rs 3.89 lakh.
As far as residential land and flats go, ward 19 is the place to be. The ward's Tharpakhna and East Jail Road, near Ranchi district headquarters, will be the most expensive. Plots will be Rs 7.99 lakh per decimal and flats Rs 5,507 per sqft.
Residential land in Satranji Hatia and Tupudana under ward 55, 15km from the city's heart, will be the cheapest. Plots will come for Rs 2.14 lakh per decimal. Flats of Chutia, Power House Colony, Dwarikapuri and Amravati under ward 48, about 7km from the city's heart, will be cheapest at Rs 2,439 per sqft.
These rates are applicable if the property is located beside the main road of the locality concerned. If not, prices fall by 20 per cent.
Asked why this annual exercise, Ranchi DC Manoj Kumar said: "To bring government rates close to market rates, the prices are revised every year and it helps increase state revenue," the Ranchi DC said.
Market rates decided by landowners and builders vary by a certain percentage from government rates, the latter are used as the standard to estimate property registration fees. During registration, 4 per cent of property price is taken as stamp duty and 3 per cent as court fee. If a woman buys property up to Rs 50 lakh, Re 1 is taken as token as per a recent cabinet order.
With the new property rates applicable from Wednesday and registration work suspended on Tuesday, crowds thronged the Kutchery office on Monday. "Till 2pm, some 300 people turned up for registry, over double the usual number," an official struggling to feed data on his computer said.
Ranchi DC Kumar agreed registration work was likely to continue till late Monday night. "As 300 tokens were generated today (Monday), registration would continue till 9.30pm to 10pm. I have deputed extra forces to maintain law and order at the registration office," he said.
