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To mitigate instances of property undervaluation by landlords, builders and real estate professionals, the revenue department has implemented the Goa Stamp (Determination of True Market Value of Property) (Amendment) Rules, 2023. The revenue department plans to establish a task force to combat financial losses and accurately assess the market price of tangible property.
This committee will gather information on the average value of properties in diverse areas. The valuation of both developed properties and land shall be categorized into distinct groups such as urban, developing, coastal, rural, and other regions. This classification will aid sub-registrars in computing stamp duty and registration fees with accuracy.
According to the recently issued regulations, the collectors will be responsible for creating a yearly report that highlights the average land rates. Additionally, a committee will also be designated by the government to generate an annual report with the average rates of built-up properties in each taluka, municipality, or local body area within their district.
Goa's land rates will be increased to match market value, according to CM Pramod Sawant. Despite high demand for property in the state, rates have not been revised since 2013. The outbreak of the pandemic has augmented the desire of individuals to possess land in Goa. Owners undervalue property to pay lower registration fees.
The government intends to assign officials the task of gathering information on average prices of land and construction and compiling an annual report of accurate rates by ward or zone. The classification of properties is influenced by diverse factors, including the land type, construction style, proximity to urban facilities, access to roads, and nearby schools or hospitals. The revenue department must notify annual rates by January 1. If not, current rates continue.
Under Secretary for Revenue Durga Kinlekar stated that collectors and the working group committee must provide the district registering officers with an annual statement of the average rates for properties, which must be affixed on the registration office notice board. Sub-registrars must verify property market value before sale deed registration and refer to the district collector if the value is lower than the prescribed minimum. The true market value and proper duty will be determined by the collector.
The Goa state government expects the new rules to streamline the process of property registration and reduce disputes related to the valuation of properties. If the government is unable to notify the annual statement of rates due to unanticipated administrative difficulties, interim orders will be issued to modify the rates mentioned in the previous year’s statement of rates.
Goa's stamp duty is determined by the state government, which considers several factors when setting the circle rate, including the property's location, age, type, amenities, and the gender of the owner. Prime properties attract higher stamp duty charges based on their location and market value. Unlike other states, Goa offers women concession on stamp duty charges.
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