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No Hike In Market Value Of Immovable Properties

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Bhubaneswar: State Government decision not to hike market value of immovable properties has come as a great relief to the registrant public in COVID Pandemic.

In order to give relief to the registrant public during the extra ordinary situation triggered due to COVID-19, Odisha Government has decided not to hike the Market Values of Immovable Properties in all districts.

Earlier there was a 10 per cent hike of the market value of immovable properties every year.

However Chief Minister Naveen Patnaik has approved a proposal of the Department of Revenue and Disaster Management the Market Value of Immovable Properties of all districts will remain as it is as it was in previous Financial Year 2020-21.

Principal Secretary Revenue and Disaster Management Bishnupada Sethi had presented a proposal saying that as all-out preventive and pre-emptive measures are being undertaken in the state to check the second wave of COVID and may be considered by the Government not to hike the BMV of immovable properties for the year 2021-22 as part of relief to the registrant public.

While due to COVID-19 second wave situation turned grim and economic activities has received jolt.

Under this backdrop, buying and selling events of immovable properties has slowed down and hiking market value of immovable properties will adversely affect the process, which is in slow lane.

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