Team News Riveting
Raipur, December 8
In a significant move aimed at ensuring transparency, simplifying valuation processes, and promoting balanced urban development, the Central Valuation Board convened a meeting after extensive scrutiny of suggestions, representations and proposals received regarding the revision of guideline rates in the state.
The Board approved several major decisions keeping in view the interests of urban growth, the real estate sector and the convenience of the general public. All the decisions have come into effect immediately.
One of the key decisions taken was to discontinue the existing incremental method for calculating the value of plots up to 1400 sq metres in urban areas. The earlier system has been reinstated, under which valuation will be done on slab rates up to 50 decimals in Municipal Corporation areas, 37.5 decimals in Municipal Councils, and 25 decimals in Nagar Panchayat areas. This change is expected to make valuation procedures simpler and more transparent.
The Board has also withdrawn the provision of calculating market value based on super built-up area for transfer of flats, shops and offices in multi-storey buildings. Henceforth, valuation will be carried out on the basis of built-up area. This provision, which had been in force since the erstwhile Madhya Pradesh administration, had long been under demand for revision. The new reform is likely to boost vertical development and ensure more efficient utilisation of urban land.
New relief provisions have also been approved for the valuation of multi-storey buildings and commercial complexes. A reduction of 10 per cent will be applicable for basement and first floor spaces, and 20 per cent for second floor and above. This measure is expected to provide affordable real estate options to the middle class, both for residential and commercial use.
Additionally, properties located more than 20 metres away within a commercial complex will be valued with a 25 per cent reduction in plot rate. The 20-metre distance will be measured from the constructed portion facing the main road, making the valuation process more realistic and equitable.
The Central Valuation Board has directed district valuation committees to review objections, petitions and suggestions that are received after the recent rate revisions. Based on the review, the committees have been directed to submit proposals for further revision of the guideline rates by December 31. These proposals will be examined before finalizing the revised guideline rates.
With these decisions now in force, the state’s real estate sector is expected to benefit from increased stability, greater transparency, and improved prospects for affordable housing, marking a positive step toward streamlined development and public-friendly valuation systems
