Team Herald
PANJIM: Those planning to invest in property in Tiswadi, Mormugao, and Salcete talukas will have to cough out more money with the Goa governmen announcing a significant increase in minimum land prices. This decision is expected to have far reaching implications on the already booming state’s real estate market.
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In Tiswadi, the minimum price is between Rs 5,000 per sqm and Rs 25,000 per sqm as agaisnt old rates ranging from Rs 600 to Rs 6,000.
In Salcete, the price is ranging between Rs 5,000 to Rs 20,00 per sqm while the old rate was between Rs 480 to Rs 10,906 and in Mormugao, the price is varies between Rs 8,000 to Rs 25,000 per sqm. The old price range was between Rs 420 and Rs 4,200.
“In exercise of the powers conferred under sub-rule (3) of Rule 4 of the Goa Stamp (Determination of True Market Value of Property) Rules, 2003, the Government of Goa is pleased to partially modify Order for the three Talukas namely Tiswadi, Salcete and Mormugao issue statement of minimum land rates for the year 2024-25 which shall come into effect from the date of publication in the Official Gazette,” the notification said.
“The Taluka wise minimum rates as mentioned are base values and are applicable to S1 Zone for an area upto 1000 sq. m. However, for an area upto 500 sq. m. in zone S1 to S4, the said base rate will be reduced by 30 per cent,” the notification said.
In September this year, the State government had hiked the prices in Pernem and Bardez by nearly 130 per cent.
While its going to have a direct impact on property costs, it will also generate higher revenue for the government through taxes.
The growing demand for scarce land in the coastal state besides the infrastructural developments has played a significant role in hiking land prices.
“We have decided to increase the minimum price in Tiswad, Mormugao and Salcete talukas so that these talukas don’t lag behind in development,” said a senior government official.
Defending the hike, Chief Minister Pramod Sawant had said that “common people will not be affected by the decision as those buying about 500 sqm of land to construct a house will pay according to the old prices.”
