Guj Govt puts Jantri rate hike on hold for 2 months

Gandhinagar, Feb 11 (IANS) Amid resistance from the real estate sector, Chief Minister Bhupendra Patel has decided to defer implementation of New Jantri Rates (Ready Reckoner Rates/Circle) by two months.

In an announcement on Saturday, Health Minister and Cabinet Minister Rushikesh Patel stated, "As the real estate sector demanded to implement the new Jantri rates (Ready Reckoner Rates/Circle Rates) from the next financial year, (2023-24) the decision of implementation stands postponed till April 15, 2023."

On February 3, the government had increased the Jantri rates across the state by 100 per cent with effect from the next day.

The Confederation of Real Estate Developers Association of India (CREDAI) delegation met the chief minister and sought more time to close deals or give a cut off date for old Jantri rates. But then the state did not budge and announced that new jantri rates will be effective till another decision is taken.

On Friday, CREDAI members protested across the state, even though they had given a call to not register any property deals. If the protest had continued for a longer period it could have affected the state exchequer. As the state is collecting Rs 18,000 crore from stamp duty annually, said sources, and he added with the increase by 100 percent, the state was targeting to collect Rs 30,000 to 36,000 from next financial year.