Land valuers frown on new land rates that were revised after seven years

Team Herald

Panjim: The revised land rates, after a gap of seven years, has not brought cheers to land valuers who argue the notified tariffs will prove to be a doom to the State exchequer.  The Institution of Valuers (IOV) Goa Branch apprehends the hike of mere 20% is nowhere near reality that might ultimately lead to corruption. 

“We are surprised and shocked that revision of the land rates is only 20%. It cannot be so less after seven years. The State will be losing huge revenue,” IOA Vice Chairman Ravindra Palyekar told Herald.

He said the government should have instead followed up the issue with the sub-registrars, which would have helped identify the rates in the current scenario.

The govt earlier this week revised the base value of land under the Goa Stamp (Determination of True Market Value of Property) Rules, 2003. The taluka-wise minimum land rates, as per an order by the Revenue Department, will come into effect from August 17, 2020 to March 31, 2021. 

As per new rates per sq mtrs, Dhargal and Tuem is now Rs 1,200 each as against Rs 1,000 each according to the previous revised rates. The 2020’s revised rate for Guirim is Rs 4,800, Colvale Rs 3,600; Parra Rs 2,400; Anjuna Rs 5,400; Candolim – Calangute -Nerul Rs 6,000 each; Valpoi Rs 960, Taleigao Rs 4,800 and Shiroda 1,200. The rates have been revised for other areas in the urban, rural and coastal stretch as well. 

However, IOA pointed out to contradictions claiming that value of land across prominent places is much more than the just-notified rates. Palyekar stated that per sq mtr land in Panjim was sold at Rs 30,000 approx about five years back; figures which completely mismatch with the 2020 revised rates. Similarly, at Mapusa’s Ganeshpuri, the Goa Housing Board plot was auctioned at Rs 30,000 approx couple of years back.

“The range given for Panjim city is between Rs 1,800 to Rs 6,000, but actually the rate depends upon location, FAR etc. Thus land rate in a prime location in Panjim is anywhere above 1,20,000 per mtrs which is 20 times more. Similar is in the other locations also. This (revised rates) will lead to loss of revenue to the govt, generation of black money and encouragement to parallel economy and will also facilitate some in the govt agencies related to land matters to take undue advantage,” he said explaining the disadvantage of the 2020 revised land rate plan. 

Palyekar added  IOV Goa is ready to help the govt in the matter.