Gujarat government doubles "jantri" tariffs for real estate after 12 years

Over the weekend, the Gujrat State Revenue Department made an announcement regarding the revision of ‘Jantri’ rates in the state. After a twelve-year hiatus, the Gujarat government has finally raised the 'Jantri' or annual statement of rates (ASR) for immovable properties. This was done to correct the current pricing and give homeowners their fair market worth.

Annual Statement Rates (ASR) are the standard rates used for assessing property taxes and stamp duties. They are officially determined by the government and are based on the market value of the property. These rates are supposed to be revised and updated annually by the Gujarat government. They are used as a benchmark for determining the value of a property for tax and other purposes.

Superintendent of Stamps Jenu Devan said in a statement that the state's rapidly evolving industrialization, urban, rural growth and economic activities had caused a substantial increase in the prices of immovable assets. The Jantri rates which have been in place since April 18, 2011 are being doubled as of February 5, 2023 in order to give the state's development ongoing momentum and to give citizens' properties fair market value. According to the official, if the Jantri cost which was previously set at Rs 100 per square metre (in an area) will increase to Rs 200 per square metre from February 5, 2023.

Next (Godrej Properties’ net income increased by 44.54% in Q3FY23)

Gujarat government doubles "jantri" tariffs for real estate after 12 years

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