Bhopal: For those planning to invest in real estate sector of Bhopal will have to shelve out more money as there has been a spike in the land rates. Since last year, there has been 150-600 percent increase in the collectorate guidelines. The government is mulling to raise the land rates in order to match with market price during the current year.

Opposing the hike in land rates, the builders of the state capital have demanded a reduction in the proposed district administration guidelines. The apex body for the private real estate developers in the country, the Confederation of Real Estate Developer's Association of India (CREDAI) has urged the evaluation committee to raise the limit by only 20 percent in comparison with last year.

The association has demanded that there should not be any further hike in the rates.

The evaluation committee on the real estate has received 26 objections along with some suggestions on land rates which are likely to be sorted out in the meeting.

The state unit of CREDAI has raised objections on the increasing rate of agricultural lands. The president of the state unit Ajay Mohgaonkar said," In Katara region there has been a drastic rise in plot rates. With the new guidelines it has been raised to six folds. On a similar note, there has been an increase in the build-up areas of Bavdiya Kalam, Jaatkheri and Misraud which is sure to affect the land registration charges."