The Internal Revenue Department (IRD) will reassess land prices for those townships in Yangon that deviate from the market prices, said U Zaw Myint Aung, deputy director of IRD, during the monthly meeting of the real estate association.
The department previously assessed plots of land beside the road and those away from the road at equal price levels, causing market prices to deviate considerably from the official prices.
“Since 2013-14 FY, the department set flat prices per square feet of land in Yangon according to township. Land beside the main road is valued as high as K400,000 per square foot but at the same township, plots of land away from roads may not fetch that price. We discussed this issue last week and we decided to re-price,” said U Zaw Myint Aung.
The department will invite the suggestions from each township’s IRD officials and real estate agencies to price the plots besides the roads and also the plots inside the wards.
The real estate agencies association also proposed the regional government to revise the price per square foot of land in some townships recently.
As it needs the confirmation from the regional government the IRD will require a few months to re-price the plots, said U Zaw Myint Aung.