Indore: Giving a big relief to property buyers, the State government has cancelled the hike in guideline rates of properties in the district.
However, the rates of 351 new areas that had been included in the guideline rates for the first time will remain. Most of these areas are on the outskirts of the city.
The district valuation committee, which decides on the guideline rates of properties, had increased property rates on an average of 20 per cent for 2021-22. The hike was to be effective from April 1, but due to the second wave of corona, it was put on hold till July 15 and then till July 31. Now, that the new rates have been cancelled the guideline rates of 2020-21 will be in force, save the rates of 351 areas which have been added for the first time.
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