Buying your dream home? Get ready to pay more from Aug 1

Time of India

3 days ago

Ranchi/Jamshedpur: Purchasing your dream home across the state, including in Ranchi and non-Tata command areas of Jamshedpur, will cost the buyers more from Aug 1 as there will be a revision in the real estate prices.
The new rates will translate into a hike of about 10% in the price of residential and commercial properties in Steel City. The new rates will not be applicable in the Tata sub-lease area land in Jamshedpur.
According to officials in the registration department, the last revision of the rates was done in 2023.
"The rates of residential and commercial properties in the urban areas of Ranchi, including 53 municipal wards under the Ranchi Municipal Corporation (RMC) and 13 wards of Bundu Nagar Panchayat, have been revised, as per a regular exercise carried out every two years," said Ranchi district sub-registrar Vaibhav Mani Tripathi.
Tripathi also said, "The new rates, applicable to both residential and commercial properties, are expected to push up the circle rates of land, flat and other types of commercial and non-commercial structures." As per the revised rates, residential land price in areas under RMC ward 1 will be Rs 4,95,641 per decimal, which was Rs 4,50,583 till July 31. The amount for commercial land in the same area will be Rs 9,91,282 per decimal against the old rate of Rs 9,01,166 per decimal.
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In the Sonari area of Jamshedpur, the price will be Rs 6,061 per sqft for flats as against Rs 5,510 per sqft till July 31. The new rate for residential land purchase in Sonari will be Rs 11,57,064 for one decimal land against the earlier price of Rs 10,51,876. In Ulyan, the new residential land price will be Rs 8,40,716 for one decimal land. The old price was Rs 7,64,287.
According to the land department, the prices of flats will go up next month in the Mango area, too, and the new rate will be Rs 4,539 per sqft.
The jump is around Rs 416 per sqft from the earlier price.
Under the Jugsalai civic body, the new price of flats under the revised rates will be Rs 4,743, which is nearly a 10% hike from the old price.
Praful Kumar, a land department official of East Singhbhum district, said, "At an interval of every two years, the govt comes up with the revised rates of land in both urban and rural areas of the state. This is a routine affair. In rural parts, the land rates will be revised in 2026." Talking about the price rise, realtor Avinash said, "As per the new rates, the cost of a 2 BHK flat with about 1,000 sqft area on average will go up by Rs 4,13,000 for buyers in the city.
This excludes the registration cost, which will also go up proportionally. They will have to shell out GST, too."