Latest news with #VaibhavManiTripathi
Time of India
31-07-2025
- Business
- Time of India
Land buyers throng registry office on eve of hike
Ranchi: With land and property valuation set to rise by up to 10% from August 1, the Ranchi's district registration office saw an unprecedented rush of land buyers on Thursday to complete registrations before the revised rates kick in. The increase in govt-set land valuation, or circle rate impacts the base price at which land transactions are registered. A higher valuation means buyers will need to pay higher registration charges, which are calculated as a percentage of this benchmark value. The hike will impact all 53 urban wards and adjoining mouzas, with more pronounced increase in high-demand localities like Hinoo, Harmu, and Bariatu. As per the revised rates, residential land price in areas under the RMC ward 1 would be Rs 4,95,641 per decimal, as against Rs 4,50,583 per decimal till July 31. The amount for commercial land in the same area would be Rs 9,91,282 per decimal as against the present rate of Rs 9,01,166 per decimal. Sub-registrar Vaibhav Mani Tripathi said, "A total of 1,523 land registrations were done in July, almost twice the monthly average. The fear of paying significantly more in duties from August 1 led to the urgency." Customers camping outside the office on Thursday echoed anxiety. Rajeev Prasad, a govt employee finalizing a plot in Ratu, said, "We had finalised the land a month ago, but the seller delayed paperwork. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mini House for 60 sqm for Seniors with Toilet and Bath (Price May Surprise You) Pre Fabricated Homes | Search Ads Search Now Undo I literally took leave from work today to ensure it gets done. A 10% hike means Rs 30,000 to Rs 40,000 extra in my case." Another buyer from Morabadi, Poonam Devi, waited four hours for her turn. "My son and I came early in the morning. We have been saving for this land for years. Delaying this by even a day would have meant shelling out money we didn't have." Meanwhile, the registry office will be functional on Friday. However, the revised rates would be implemented, officials said.
Time of India
29-07-2025
- Business
- Time of India
Buying your dream home? Get ready to pay more from Aug 1
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo 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."
