Ahmedabad Real Estate

Gujarat’s healthy economy finds expression in all its cities, bustling as they are with activity on all fronts. Ahmedabad, being primus inter pares among other cities in Gujarat is recognized as one of the fastest growing Tier II cities in the country today

The very strong connections of NRI to Ahmedabad, and the Gujarati’s spending power and entrepreneurial skills have encouraged a healthy movement in real estate prices of late.Though still at a very nascent stage,   Ahmedabad is slated for steady growth in the next few years. State Government’s vision is to develop Ahmedabad into a world-class city through reforms and infrastructure development. Its mission to make the city clean, liveable, productive and self sustaining has translated into the setting up of IT parks in and around Ahmedabad.

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jantri

After a long wait and several revisions, the Gujarat government on Thursday decided to implement the new jantri rates – or government assessment of the value of real estate properties – from April 1.
Higher by at least 300 to 400 per cent in urban and semi-urban areas like Sanand, where massive developmental activities have taken shape, unlike in the past, there is a separate jantri rate for every square kilometre. As for urban areas like Ahmedabad and Surat, every square kilometre has been further sub-divided into value zones, with each value zone having a different jantri.  Thus, a property next to a road would have a higher jantri compared to the one that is somewhere inside. “The new jantri rates, based on an assessment done in early March, reflect latest market rates of real estate properties,” a senior government official said, adding, “We have decided to revise jantri every year, as Maharashtra does”. Last time jantri rates were implemented on April 1, 2008, but they were based on an assessment done by the state government in 2006. The official said, “In 2006, the government had not made a scientific assessment of real estate properties.” The new kilometre-based formula was sought to be implemented twice since 2008 – in January 2009 and August 2009 – after assessments by government officials. However, it never came through. Besides flushing out black money from realty transactions, higher jantri rates will mean a sharp rise in the state’s stamp duty collection. While in 2010-11, Rs 3,500 crore worth of stamp duty was collected, a conservative estimate suggests that the collection in the next financial year, 2011-12, is likely to go up by Rs 1,500 crore, reaching Rs 5,000 crore. However, a senior official contended, “Much depends on the number of sales deeds taking place during the year. Maharashtra’s stamp duty collection stands at Rs 15,000 crore.

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Gujarat Jantri

State revenue minister Anandiben Patel announced on Thursday that the government has prepared a new jantri in a scientific way to decide upon the market prices of immovable properties in the state.New prices will come into effect from April 1, 2011.

Considering the rapid growth, and changing scenario due to various economic activities in the state, the government has decided to bring out a new or upgraded Jantri every year, she said. 

The state government is likely to revise Jantri rates to take it to higher than double in areas where the government needs to acquire land from farmers for projects such as construction of Narmada canal. “Farmers are not ready to give their land at present Jantri rates and the government does not want to delay such projects, so the collectors of respective districts will decide the Jantri rates,” said a government valuer.According to real estate developers, higher Jantri rates will bring in more transparency and curb the black money dealings in real estate. 

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Real Estate Ahmedabad

Gujarat’s healthy economy finds expression in all its cities, bustling as they are with activity on all fronts. Ahmedabad, being primus inter pares among other cities in Gujarat is recognized as one of the fastest growing Tier II cities in the country today

The very strong connections of NRI to Ahmedabad, and the Gujarati’s spending power and entrepreneurial skills have encouraged a healthy movement in real estate prices of late.

Though still at a very nascent stage, Ahmedabad is slated for steady growth in the next few years. Residential property ranges between Rs.600 in Ahmedabad North to over Rs.1200 on Ring Road currently. Builders like N.G Developers, Navratna, BGP Builders and Saumya Constructions are catering to the globe-trotting Gujarati with quality residential apartments.

Cashing in on the deep pockets of the local population, major builders have laid out commercial projects for the city to accommodate retail malls and luxury hotels. Niho’s Scottish Mall is coming up on the main Ashram road on 4.5 lakh sq. ft area at a cost of Rs.180 crore. An NRI-funded exhibition-cum-convention centre at Ahmedabad at a cost of $9.2 million will further promote commercial activity in the city.

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