Annual Statement of Rates for Immovable Properties Doubled in Gujarat
The Gujarat government doubled the 'jantri' or the annual statement of rates (ASR) or Ready Reckoner Rates for immovable properties in the state with immediate effect to give due market value to properties of citizens. The state revenue department issued a notification to this effect. The calculation of the stamp duty and registration fees is possible with the help of ASR. In case of land acquisition for various projects, the ASR are considered as the basis for giving compensation to land owners. In a revision coming after a gap of 12 years, Superintendent of Stamps Jenu Devan in a statement that there has been a sharp rise in the prices of immovable properties owing to changing circumstances in the state due to rapid industrialisation, urban and rural development and economic activities. "In order to give continued impetus to the state's development and to give due market value to citizens' properties, the jantri rates existing since April 18, 2011 are being doubled from February 5, 2023," he said. If the Jantri rate was Rs 100 per square metre (in an area), then it will be Rs 200 per square metre from February 5, 2023, the official said. The ASR is an essential guideline for the assessment of stamp duty, which is charged on the agreement of sale of a property. It also enables to indicate the property prices for every location or a specified area within an administrative boundary.
Tags : Gujarat government immovable properties state market value citizens