Realty downturn effect: Lowest ever collector rate likely in Bhopal

BHOPAL: For first time, collector rate, the minimum rate at which a property is registered, will remain static across the state capital except for 20 locations. Owing to a recession in real estate market, a maximum of 10% rate hike is proposed in five locations and between 3.1% and 9.1% in 15 other locations in Bhopal.

The latest proposal by the district administration comes a day ahead of the deadline for implementation of new collector rate guidelines from April 1. Sources said district collector Nishant Warwade-headed district valuation committee submitted its proposal to the state-level 'central valuation committee' on Wednesday.

An earlier proposal had indicated a 5% to 10% in 22 places in Bhopal. After a meeting of real estate developers with top officials, the committee reworked its guidelines.

Instances of some properties not finding buyers even at less than collector rate were cited. Indications are there are 10,000 properties in and around the state capital unable to attract buyers.