According to the Confederation of Real Estate Developers’ Associations of India (Credai), demand for properties in residential and commercial segments has increased after the state government deferred the jantri hike to April 15.
Inquiries had increased by 30 percent in the past week, and higher conversions will be seen before Holashtak, an inauspicious period before Holi, said developers.
The state government had on February 4 doubled the jantri rates across the state, but developers opposed the move saying an ad hoc increase would affect common people and hurt the real estate industry.
City developers who have bought land and are planning to launch projects are rushing to approve their plans. Tejas Joshi, president of Credai Ahmedabad, said, “New jantri rates will affect redevelopment and affordable segment the most. Therefore, plans need to be passed soon to ensure they save on fees for redevelopment agreements and purchase FSI. Customers in the affordable category have hastened bookings and signing sale agreements (banakhat) so they can register the sale deeds at current jantri rates even after April 15.”
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