The Goa revenue department has announced plans to revise land rates after a four-year interval, aiming to capitalise on the growing interest from high-net-worth individuals. A committee has been established to analyse and recommend updated base rates for various land categories, while ensuring ease of business in the registration process. Following a significant increase in property rates in coastal talukas, this initiative seeks to enhance government revenue and streamline property transactions.
The revenue department has initiated a revision of land rates in Goa after a four-year hiatus. This decision follows ongoing speculation in the property market, particularly from high-net-worth individuals from other states. The government aims to generate additional revenue while implementing reforms to enhance the ease of doing business within the registration department.
The undersecretary for revenue, Vrushika Kauthankar, indicated that the Goa government is establishing a committee tasked with determining, analysing, and revising the previously notified base rates for various categories of land and built-up properties. This committee will operate for two years and convene quarterly to assess progress.
Headed by the revenue secretary, the committee comprises members from organisations such as Credai, the Goa Chamber of Commerce and Industry (GCCI), the Goa Valuers Association, and the two district collectors. Its responsibilities include analysing current market trends and proposing revised base rates for land in Goa, alongside recommending a mechanism for periodic rate revisions. Additionally, the committee will devise guidelines or a formula to calculate prices for different types of land and buildings, essentially creating a ready reckoner for Goa's land rates.
This development comes on the heels of the cabinet's approval of over a 100% increase in property rates for the coastal talukas of Bardez and Pernem, where real estate demand has surged, particularly following the opening of the airport in Mopa. The five talukas of Bardez, Tiswadi, Salcete, Mormugao, and Pernem collectively account for nearly 200,000 property transactions annually, with Bardez alone responsible for more than 36,000 land deals. Consequently, the cabinet has raised the minimum price per square metre for Bardez and Pernem from INR 3,000 to INR 8,000, excluding residential properties on plots up to 500 square metres. Officials noted that one of the main reasons for this increase is to boost government revenue.
In conclusion, the revision of land rates in Goa marks a strategic move to adapt to evolving market conditions and investor demands. By establishing a dedicated committee, the government is committed to ensuring fair and transparent pricing while simultaneously boosting revenue streams. This proactive approach is expected to foster a more robust real estate environment in the state.
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