PANAJI
The State government has notified massively hiked base rates for land (real estate) in the three fast urbanising talukas -- Mormugao, Salcete and Tiswadi -- by more than 250 per cent and in some locales of Taleigao by over 400 per cent.
The notification revising the base land rates in these three talukas was on Wednesday issued by Vrushika Kauthankar, Under Secretary (Revenue-I).
The biggest hike in base rates of land is in Bambolim where it has been hiked by nearly 450% from the old Rs 3,600 per square meter to Rs 25,000 per sq mt. Also, in Taleigao and some of its locales like Durgawadi, the rates have been hiked by up to 420% from Rs 4,800 sq mt to Rs 25,000 per sq mt now.
In the notification, Kauthankar, however, clarifies that these "base rates" are applicable in 'Settlement Zones' and for 1,000 sq mt plots. For smaller parcels of land of up to 500 sq mt, these rates will stand reduced by 30 per cent in all the four settlement zones -- S1, S2, S3, and S4.
Also, for larger parcels of land above 1,000 sq mts the base rates will be slashed by 10% for plots up to 4,000 sq mts, reduced by 15% for plots above 4,000 sq mts and up to 10,000 sq mts and cut by 25% for parcels of land above 10,000 sq mts and up to 50,000 sq mts.
For all parcels of land in S1 zones which are above 50,000 sq mts, the base rates are to be slashed by 30%.
There are similar provisions for reducing the base rates as per the size of the plots or larger parcels of land in other settlement zones like S2, S3 and S4.
On the contrary, for commercial zones, the base rates will be double (100% more than the notified base rates)..There will also be concessions for larger size parcels of land in the Commercial Zones.
For industrial zones however, the base rates will be 40% lower.
As per the revised base rates of land in Tiswadi, it is now between Rs 5000 per sq mt and Rs 25,000 per sq mt as against the existing range of Rs 600 to Rs 6,000.
The new rates range between Rs 5,000 to Rs 20,000 in Salcete where formerly it used to be between Rs 480 and Rs 10,906.
In Mormugao, where there exists an airport and a sea port, the new rates are much higher and range between Rs 8000 and Rs 25,000 per sq mt as against the old rates range of Rs 420 to Rs 4200.
Two months ago, the State government had also similarly notified revision of base rates for Bardez and Pernem taluka which had seen frenzied real estate activity post the Covid-19 pandemic.
While these rates may not reflect the actual market value of properties, the base rate enables revenue officials to check blatant and commonly followed strategy of undervaluing properties in sale deed transactions to cut down on stamp duty costs.
However, these rates will not apply to land purchases made by mundkars and tenants from landlords, Khauntankar further said in an explanation.
Also, Khauntankar said these base land rates should not be made ipso facto applicable for the purpose of determining compensation by Land Acquisition Officers (LAOs) in land acquisition matters.
