Monday, April 4, 2011

New Jantri (ASR ) effect ?

Jantri on terrace, car parking,Penthouses will become expensive but top floor flats in buildings without lifts will not attract jantri
Eyeing a penthouse? It will cost you dear. As per norms for annual statement of rate, the government is planning to apply jantri on terraces as well as car parking.
Terraces of flats, offices and shops will attract 40 per cent jantri on residential and commercial rate calculated according to the value zone. In urban areas like Ahmedabad and Surat, the government has sub-divided every square kilometre into value zones, with each value zone having a different jantri. The jantri will be applicable mainly to penthouses also known as terrace flats. Terrace of bungalows are exempted from this rule.


AS BUILDERS now sell parking space, the government has decided to cash in by applying jantri on parking, both open and covered. Parking in commercial complexes will attract 20 per cent jantri. In residential areas, open parking will attract 5 per cent while covered will attract 10 per cent. Where parking area is not mentioned, government will charge jantri at a minimum area of 8 sq m per car.


PENTHOUSES WILL become expensive but top floor flats in buildings without lifts will not attract jantri. The second floor attracts 95 per cent jantri while third floor and above will attract 90 per cent jantri in buildings without lifts.


GOVERNMENT HAS given relief to economically weaker sections. Flats with 100-sq m built-up area attracts 10 per cent discount on value zone price. There’s no relief for flats measuring 101 to 200 sq m. Those above 200 sq m built-up area will be charged 20 per cent more as per ASR.


THE REVENUE department also fixed building construction price. Reinforced Cement Concrete frame structure will cost Rs 9,900 per sq m. A load-bearing structure will be Rs 8,600 per sq m. Semi-concrete structure is Rs 6,300 per sq m.


THE GOVERNMENT has allowed for 1.2 per cent deduction per year for structures that are upto 50 years old. Constructions that are more than 50 years old will enjoy maximum deduction of 60 per cent as per jantri price.


MEANWHILE, SUPERINTENDENT of Stamps Lochan Sehara said, “The new rates will flush out black money from realty transactions. Currently, several builders sell houses and plots for 40 per cent white (on paper) and 60 per cent black money. Jantri will change this to 70 per cent white and 30 per cent black money. As the government plans to revise land rates every year like Maharashtra, next year, the component of black money will come down to 5 per cent, so on and so forth.”


Realty experts who agree that property seekers will have to pay less black money and major transactions will happen in white. Hitesh Shah CEO (Residential) Space Management Ltd said, “The new rates will work in buyers’ favour as most of the payment will be in white.” This will help them while taking loans. However, Shah added that in some areas, jantri has not been fixed as per market price.
“In Ambawadi, the current market rate is between Rs 50,000 and Rs 60,000 but the jantri valuation put it at Rs 32,000 to Rs 42,000. In Thaltej, which falls under Residential-2 zone where only three-storeyed construction is allowed, market price is between Rs 40,000 and Rs 55,000. But government rates jantri between Rs 38,000 and 84,000.”


THE CHANGE has left several buyers confused whether to pay stamp duty as per new or old jantri. Vibhor Pandey, who bought a new property in Prahladnagar, is in a fix as the developer has asked him to pay up as per the new jantri. Ahmedabad Realtors Association president Pravin Bavadiya said, “Many clients have backed out due to the steep hike in jantri rates.”

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