The revenue department of Goa has formed a working group committee to collect data on average real estate values in different locations in Goa. The committee will classify built-up properties and land under urban, developing, coastal, rural, and similar areas, and share it with sub-registrars for accurate stamp duty and registration charges calculation.
The Goa Stamp (Determination of True Market Value of Property) (Amendment) Rules, 2023, aim to increase land rates to match the true market value. The government plans to appoint officers to collect data on average rates.
The revenue department in Goa has introduced new rules for preparing annual property rates for plots and built-up properties. These rates are divided into various classes based on land type, construction, location, and situational advantages. The annual statement of rates will be notified on January 1, and prevailing rates will continue if not notified. Sub-registrars must verify the property’s market value before clearing sale documents for registration. If the market value is less than the minimum value prescribed, the sub-registrar must refer the property to the collector for determination of the true market value and duty payable.
Via: Times of India
Last modified: July 16, 2023