Steep hike in registration fees effected

Mysore, July 26: With a real estate boom witnessed in this heritage city and the recent revision of market values, the Government has effected a steep hike in registration fees after a gap of two years.

Revenue department sources told UNI that the change in market rates was studied over an year. Committees, headed by the respective Tahsildars, had recommended revision of market rates, after carefully studying which the Central Market Rate Fixation Committee approved the revision. The new rates came into effect from July 24.

As per the new rates, registration fee had gone up by about Rs 25 per sqft in some areas. However, the rates remained the same in most of the extensions in the city and the heart of the city.

The mushrooming of software companies and the proposed Bangalore Mysore Infrastructure Corridor project had led to the skyrocketing of land values in and around the city. Land value had touched Rs 1,000 per sqft in prominent extensions in the city adjoining the outer ring road.

The sources said the district registration department had fixed an annual revenue target of Rs 55 crore two years ago. The collection had surpassed the target, thanks to escalating land values. Last year, the department mopped up about Rs 125 crore as against the target of Rs 95 crore. Hoping to cash in on the trend and the fact that the collection had surpassed the target for the last five years, the department had increased the estimation for 2006-07 to Rs 200 crore.

UNI