Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year.
Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year. Over 60% to 70% of all properties registered in the state were located in the four major cities of Ahmedabad, Surat, Vadodara and Rajkot.
After almost 12 years the Gujarati government revised Jantri tariffs. It stated that the charges would double starting on February 5th. Following representations from a number of sources including real estate developers, the implementation of the new rates was postponed until April 15.
The stamp duty and registration fee collected in 2022-23 was Rs 14,318 crore which was 34.87% more than the Rs 10,616 crore collected in 2021-22. There were 17% more properties registered in 2022–2023 in comparison to the prior year. According to government statistics, 14,32,569 properties were registered in 2021–2022 and 16,75,648 in 2022–2023 respectively.
According to official figures, revenue from stamp duty and registration fees soared to Rs 4,876 crore in the Jan-Mar quarter of 2023 from Rs 3,102 crore in the Jan-March quarter of 2022, a tremendous rise of 57%. Properties registered increased by 18% over the same time period, from 4,36,665 to 5,15,116.
Jantri rates in Gujarat refer to the government-approved rates for the valuation of immovable properties such as land, commercial buildings, and residential properties. The Jantri rates in Gujarat are revised periodically by the state government based on factors such as market trends, demand, and supply of land, and other economic indicators. The rates are usually revised every few years to keep up with the changing market conditions.
The Jantri rates play an essential role in property transactions in Gujarat. They are used to calculate stamp duty and registration fees for property transactions. The stamp duty and registration fees are usually a percentage of the property's value as per the Jantri rates. Therefore, the Jantri rates directly affect the transaction costs for property buyers and sellers.
The Gujarat government has made the Jantri rates easily accessible to the public. Interested individuals can access the Jantri rates online through the Gujarat government's official website. The online portal also allows individuals to calculate stamp duty and registration fees for their property transactions based on the Jantri rates.
This story was first published in ET Realty.
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