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MLA opposes govt's hike in rate for real estate

  • Published in Real Estate

Calangute: Calangute MLA Michael Lobo of the BJP has strongly opposed the order by the revenue department increasing the minimum rates for property prices in Goa.

Addressing mediapersons on Saturday, he said the increase in the land rates for the purpose of determining stamp duty and registration of sale deeds has been done arbitrarily and without any thought.

"In Guirim, it has been increased from 500 to 5,000, which means on a sale or gift deed for a property worth 1 crore, you will have to pay a stamp duty of 5 lakh and 4 lakh as registration fees, which works out to 9 lakh.

This is beyond the means of most people. If your father has ancestral property of 5,000 sq m and wants to gift it to his children, then it will be valued at 2.5-cr and you will have to pay 24.5 lakh as stamp duty and registration charges. This is completely unreasonable," he said.

Besides this, he said the rates for areas like Calangute have been fixed without any thought.

"In cities like Margao and Panaji they've fixed different rates for different wards, which is correct, because different areas have different values. But in Calangute it has been fixed at 5,000 for the entire village. How can they do this? The land on the beachside is always more expensive than in interior areas. But with this fixed rate, even people buying or gifting property in the interior parts will have to pay the same. This is not correct," he said. The revenue department declared the minimum land rates for the purpose of generating revenue some months ago.

"I request the deputy chief minister and revenue minister Francis D'Souza to keep the order in abeyance and study the issue in depth. Till then, the old rates should be in force," he demanded.

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