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The Goa Chamber of Commerce and Industry (GCCI) expressed concerns over the state revenue department's steep increase in minimum land rates for Mormugao taluka, ranging from 597% to 2,857%. GCCI President Shrinivas Dempo called the rates excessive and misaligned with market realities, particularly for regions like Sancoale, now equated with prime areas such as Dona Paula and Assagao. He warned of adverse effects on land sales, government revenue, and local affordability. The GCCI recommended revising rates to INR 15,000 per square meter for Vasco and INR 10,000 per square meter for Chicalim, Dabolim, and Sancoale to ensure fairness and sustainability.
The Goa Chamber of Commerce and Industry (GCCI) has voiced strong objections to the revenue departments recently notified minimum land rates for Mormugao taluka, calling them unrealistic and disconnected from ground realities. GCCI President Shrinivas Dempo condemned the exorbitant hikes, ranging from 597% to 2,857%, as unreasonable and unfair. He addressed a letter to Chief Minister Pramod Sawant, highlighting the disparity in property valuations. Advertisement
Dempo pointed out that equating Sancoale's land rates with those of high-end locations like Dona Paula, Assagao, and Taleigao is both unjustified and impractical. The revenue department set the minimum land rates at INR 25,000 per square meter for Assagao and Taleigao and priced Chicalim and Dabolim at INR 20,000 per square meter. Dempo urged the government to reconsider these rates, warning of adverse consequences for the real estate sector.
The GCCI highlighted the financial strain these rates impose on locals, noting that the high costs of developed plots with amenities exceed the affordability of most residents, compelling them to look for cheaper options that lack infrastructure. He cautioned that such trends could significantly reduce land transactions, leading to a sharp decline in government revenue from the real estate sector.
To address this issue, the GCCI has proposed more balanced rates. It recommended setting Vasco's minimum land rates at INR 15,000 per square meter and those for Chicalim, Dabolim, and Sancoale at INR 10,000 per square meter. These figures, according to Dempo, align more closely with local economic conditions and would ensure a more sustainable growth trajectory for the real estate market.
The chamber also highlighted the broader implications of inflated land rates, arguing that they could disrupt the property market and deter investments. It called for prompt government intervention to revise the rates and safeguard both buyer accessibility and state revenues. By adopting more equitable pricing, the GCCI believes the real estate market can recover its stability and continue contributing meaningfully to Goa's economic development.
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