Land rates in Puri likely to rise amid proposed Municipal Corporation expansion

Benchmark land values in several parts of Puri are likely to be revised soon as the Odishagovernment moves ahead with plans linked to the proposed Puri Municipal Corporation. Officials said a formal notification regarding the revised benchmark rates is expected to be issued shortly.

The revision comes as part of preparations for the formation of the Puri Municipal Corporation. Under the proposed restructuring, 34 revenue villages from nine neighbouring panchayats have been brought within the expanded municipal boundary. Together with the existing 31 wards of the present municipality, the areas have been reorganised to create a total of 39 wards under the proposed civic body.

Benchmark Valuation Under Review

The issue of revising the benchmark valuation was discussed at a meeting of the Benchmark Valuation Committee held at the Circuit House. The meeting was attended by the sub-collector, the sub-registrar and representatives of the tehsil office and the local municipal authority. During the discussion, officials highlighted the need to update the official land rates in view of the growing volume of property transactions across the region.

Authorities noted that the existing benchmark valuation in many areas no longer reflects the actual market value of land.

Sharp Rise In Land Transactions

Property transactions have increased considerably in the villages that are set to be included within the proposed municipal corporation. Investors and businesspersons have been actively purchasing land in these areas. In some places, land that previously sold for around Rs 10 lakh per acre is now reportedly fetching prices of nearly Rs 2 crore per acre.

Officials said the widening gap between the official benchmark valuation and prevailing market prices has made a revision necessary.

Rates In Several Areas Expected To Change

In Gopinathpur panchayat, for instance, the benchmark rate was earlier fixed at about Rs 12 lakh per acre. However, records show that land registration in the area has been taking place at prices more than three times the existing benchmark valuation. As a result, the rate is expected to increase nearly threefold.

Similarly, the current benchmark value stands at around Rs 3.9 crore per acre in Alikia, about Rs 10 crore per acre in Atharanala and nearly Rs 4.5 crore per acre in Samanga. Officials indicated that benchmark land values across all 34 revenue villages are likely to be revised.

After issuing the notification, the government plans to invite objections and suggestions from the public before the revised land rates are finalised.