Government notified rate for land goes down by 20% in Madhya Pradesh

The decision is a first move by the Kamal Nath-led Congress government to simplify land rates

The Madhya Pradesh government has decided to overhaul benchmark rates for land to boost construction and real estate transactions. Though the state has followed examples set by Tamil Nadu and Haryana governments among others, experts do not see the move as helping the sector unless market rates for homebuyers come down, too.

This is the first move by the Congress government to simplify land rates. It is expected that in order to avoid any impact on the compensation, that is given based on these rates when land is acquired for industrial and other purposes, the state is likely to increase the