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According to sources from the district administration, the cost of purchasing land set to increase by 5% to 45% in the state capital of Madhya Pradesh. According to the revised collector guidelines rates applicable from this fiscal year, the registry of land will go up by 5% to 20% in 732 locations in Bhopal. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.
As of April 1, 2023, the prices of essential commodities in India rose due to a revision in tax and duty rates. Some of the products that became more expensive included land, jewellery, essential medicines, liquor, cigarettes, silver, and imitation jewellery. Meanwhile, products like TVs, lithium batteries, seeds used in diamond jewellery, bicycles, and cameras used in laptops or DSLRs are expected to get cheaper.
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According to sources from the district administration, the cost of purchasing land will increase by 5% to 45% in the state capital, Bhopal. The registry of land will go up by 5% to 20% at 732 locations in Bhopal, following the revision of collector guidelines rates. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.
While taking to the press, Deputy collector Akash Shrivastava, chairman of the evaluation committee formed to make recommendations to the district collector on the revision of registry rates on land and property, said that the increase in rates is more of an adjustment with the existing prices on which the land is being sold and registered in the office of district registrar.
In addition to the increase in land prices, the rates of essential medicines, including painkillers, antibiotics, and anti-infectives, are set to go up by at least 12%. The prices of scheduled drugs, which are controlled by the National Pharmaceutical Pricing Authority (NPPA), are also expected to increase.
Furthermore, the prices of liquor and cigarettes are likely to go up due to the closure of "ahatas," an additional source of income for liquor traders, and an increase in customs duty in the central budget, respectively. Silver, imitation jewellery, things made of gold bar, imported electric vehicles, electric kitchen chimney, and imported toys and bicycles are also expected to become more expensive.
Overall, the revision in tax and duty rates is expected to have a significant impact on the prices of essential commodities in India. While some products are becoming more expensive, others are becoming cheaper. The increase in land prices may have a significant impact on the real estate industry and the economy as a whole. As the prices of essential medicines are also set to increase, it may become harder for people to access healthcare, especially those from lower-income backgrounds. It remains to be seen how these changes will affect the Indian economy in the long term.
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