After a gap of four years, the revenue department has moved to revise the base price for land rates in the state. The move comes amidst sustained speculation in Goa’s property market, particularly from high networth individuals from other states.
While seeking to rake in additional revenue, govt also wants to bring in reforms to improve the ease of doing business in the registration department.
While govt has named 13 members on the committee, it has kept room for special invitees and experts. The committee will be headed by the revenue secretary with members from CREDAI, GCCI, Goa Valuers Association, and the two collectors.
The committee will carry out the analysis of the current market trends and rates and propose the revised base rate for land in Goa. The committee has also been tasked with identifying and recommending the mechanism for periodical revision of rates. The committee will also suggest guidelines or a formula to calculate prices for different kinds of land and buildings, something like a ready reckoner for Goa’s land rates.
The development comes just weeks after the cabinet approved an over 100% increase in property rates for coastal talukas of Bardez and Pernem, where demand for real estate has surged, particularly after the airport in Mopa.
