The recent 100 percent revision of jantri (ready reckoner for land price) rates by the Gujarat government has raised the hackles of real estate groups and associations.
NAREDCO (National Real Estate Development Council) Gujarat along with Ahmedabad Builders Association, Gandhinagar Builders Association, and Maninagar Builders Association among other real estate developers, property buyers, landowners and farmers’ organisations have joined hands to hold a symbolic protest by boycotting registrations across the state on Friday.
Following the meeting, NAREDCO Gujarat submitted a memorandum to the chief minister against the state government’s recent general regulation (GR) on jantri.
If the government doesn’t make any amends relating to the jantri, the fraternity will take a call to intensive their protest, members said.
An increase in premium to convert the land from new tenure to old tenure, an increase in payment FSI for construction of the property with an additional 18 percent GST on it will make the property expensive for buyers. While the overall property cost will go up, even the stamp duty on the sales deed and GST on the property will increase.
Suggestions for the govt:
1. Stamp duty should be reduced from 5 percent to 2 percent and registration fee reduced from 1 percent to a maximum of Rs 10,000.
2. Jantri should be prepared by a scientific method, taking into account the applications/suggestions for its improvement in past years, the documents registered in the last three years, the geographical situation of the property (factors like road width, crematorium, electric grid, pit-hills, railway line, etc).
3. Jantri should be increased in a phased manner to save the economy.
4. The sudden 100 percent increase in the number of pending property sales transactions across the state will lead to rise in disputes in many deals; increasing the burden of civil/criminal cases.
5. So, the government should implement the revised jantri after 90 days. Moreover, jantri should be increased by a maximum of 50% instead of 100 percent.
6. In case of application for plan approval for construction, old jantri should be applied and the amount for additional FSI of construction should be charged 20 percent instead of 40 percent if 100 percent jantri is increased and 30 percent instead of 40 percent if 50 percent jantri is increased.
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