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In Visakhapatnam District, land values are booming | Vizag Latest News

The market value of land in Visakhapatnam district is increasing drastically. The changes in value of residential, commercial and agricultural lands are taking place. The works related to the changes are already done. The Joint Collector’s committee has given its approval to the petition for a 3 to 50% rise in the market value of the lands.

In Fact, the market value of the lands are to be increased last year only. But due to covid,the government has postponed the decision. Registrations are being done based on the market value in the past two years. The prices of the lands has not only increased in the city but also in the remote areas also. In few areas, the value of registration is more than 300 to 400 percent from the market value of the land. The state government has released some guidelines regarding the increase of market value of the land in Visakhapatnam district. Joint collector Venu Gopala Reddy and District Manmadha Rao has deployed a special committee to develop proposals related to the increase of market value of the lands on the order of Collector Dr A Mallikarajuna.

The additional collectors and revenue officials group is working on increasing the market value of lands in the district. The current market value of residential, commercial, agricultural, national roads, and main highways lands is being investigated by this committee. Officials have prepared ideas to enhance market value by 3% to 50%, depending on the area, while keeping in mind the current market value. They’ve already gathered feedback on the issue from the public. They have submitted these ideas to the government with Joint Collector Venu Gopal Reddy’s approval.

According to the officials’ proposals,the market value of land in the city is going to increase from 3 percent to 42.9 percent. Mainly in residential areas like Anandapuram is going to increase from 3 percent to 38 percent, in Bheemili from 5 percent to 29 percent, in Dwaraka Nagar from 3 percent from 13 percent, in Gajuwaka from 5 percent to 42.90 percent, in Gopalapatnam from 5 to 27.27 percent, in Madhurawada from 14 to 60 percent, in Pendurthi from 13.33 to 30 percent. In Anakapalli the market value is going increase from 16 to 30 percent. Government is going to approve orders related to this soon.

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