Starting from April 1, 2024, Jaipur's circle rates surged by 10%, impacting property purchase costs. This increase, implemented by the Rajasthan government as part of its annual budget, aims to boost stamp duty revenue. Jaipur's diverse property market spans from premium areas like C-Scheme and MI Road, with rates ranging from INR 90,000 to INR 1,25,000 per sq. ft, to more affordable options in Amer-Jal Mahal, priced between INR 12,000 and INR 42,000 per sq. ft. While this hike may elevate registration and stamp duty fees, previous year's stamp duty rebates remain unchanged, potentially mitigating some additional costs. Despite the increase, Jaipur remains an appealing destination with various options catering to different budgets and preferences.
The cost of purchasing property in the "Pink City" has increased. Starting from April 1, 2024, circle rates, which are the minimum property values used to calculate stamp duty and registration fees, have risen by 10% across the board for both residential and commercial properties.
This increase will translate to higher registration and stamp duty charges for property buyers. While the exact amount will vary depending on the property value and location, buyers can expect to pay more for official fees associated with their purchase.
Jaipur boasts a diverse range of property values depending on location and amenities. Currently, the most expensive areas are C-Scheme and MI Road, where circle rates range from INR 90,000 to INR 1,25,000 per square foot. Conversely, the most affordable options are found in Amer-Jal Mahal, with circle rates between INR 12,000 and INR 42,000 per square foot.
The Rajasthan government implemented this price hike as part of its annual budget. Officials aim to generate additional revenue through stamp duty collections, which form a significant portion of the department's income in Jaipur. Jaipur's well-developed infrastructure, including schools, hospitals, and an international airport, contributes to its premium property prices with DLC rates ranging between INR 12,000 (Amer-Jal Mahal) and INR 1,25,000 per square foot (C-Scheme and MI Road).
While buying costs have increased, it's important to note that stamp duty rebates offered in the previous financial year remain unchanged. This could help offset some of the additional costs associated with the 10% circle rate increase.
Circle rates are determined by a District Level Committee (DLC) considering factors like location, market value, and available amenities. These rates are categorized as residential, commercial, institutional, and industrial.
The rise in circle rates from 5% last year to 10% this year reflects Jaipur's growing real estate market. While it may impact immediate buying costs, Jaipur remains an attractive option for those seeking property in a well-connected and well-equipped city with a diverse range of options depending on budget. Buyers can find affordable options in areas like Amer-Jal Mahal (INR 12,000 - INR 42,000 per sq. ft) or consider areas with mid-range rates like Jagatpura, Model Town, Indiragandhi Nagar (INR 16,800 - INR 19,650 per sq. ft) or Vaishali Nagar, Hanuman Nagar, Vidyut Nagar, Chitrakoot (INR 48,000 - INR 65,000 per sq. ft). For premium locations with top amenities, buyers can look at C-Scheme and MI Road (INR 90,000 - INR 1,25,000 per sq. ft).
Advertisement
Facebook
Whatsapp
