Patna,(BiharTimes): Real estate prices in Patna and other cities of Bihar are likely to increase further following a cabinet nod on Monday to amend the Bihar Stamp (Prevention of Undervaluation of Instruments) Rules, enabling district-level committee headed by district masistrates to fix the minimum value rate (MVR) of land and apartments by taking into consideration the prevailing market, prices of property and development activities. The new MVR will be effective from April 1.

The cabinet also okayed the proposal to increase value added tax (VAT) on tobacco products by one per cent.