Bhopal, March 27 -- Despite opposition from stakeholders, the state capital will likely see property guideline rates increase by an average of 18% across 1,283 locations from April 1. In some areas, hikes will range from 5% to a staggering 300%.
The proposal, currently under review by a Central Evaluation Committee, has sparked significant opposition. The local chapter of the Confederation of Real Estate Developers' Associations in India (CREDAI) is leading protests, urging a halt to the increase, which it deems excessive and contrary to the interests of the real estate sector.
CREDAI President Manoj Meek has said that the consistent rise in rates is harming property developers. He claims local representatives also oppose the increase and...