How will the increased Jantri rate affect Ahmedabad's real estate market in the coming days?

The housing market in Ahmedabad is developing massively. Government policies have additionally helped in the development of the city. The property price in each area of Ahmedabad differs due to different circle rates. The property cost in each spot contrasts because of various circle rates. In Gujarat, the prepared reckoner rate or circle rate is known as Jantri Rate. Jantri rate Ahmedabad is chosen by the land revenue division of Gujarat. The office continues to overhaul the charges now and again.

The government has hiked prices by 100% for immovable property. Earlier, if Jantri rates were Rs 100 per sq ft now it will be Rs 200 sq ft. (This move has taken place after 12 years)

Implications: Whenever the developer group would purchase a parcel of land. They would have to pay double stamp duty. After purchasing the land they would head for getting approvals such as getting Non-Agricultural certificate, plan pass and other essential certificates. As the Jantri rates have doubled, the developers have to pay higher premium charges than what they used to pay. After the completion of the project, when the end user purchases the property. They would have to pay double stamp duty on the property. Post acquiring the property, the property tax would even increase by about 30 to 50% as the Jantri rates have increased. So effectively, the overall real estate rates would increase by 20%.