Buiders witdraw stir as govt cuts jantri hike by 50%

AHMEDABAD: Real estate developers across Gujarat heaved a sigh of relief as the government decided to give a 50% relief on increased jantri rates.
With the revision in the rates, Confederation of Real Estate Developers' Association of India (Credai)-Gujarat, which is the apex body of developers in the state, has sought an end to the state-wide agitation against the increased jantri rates.Developers were to refrain from registering documents until May 5 as part of the agitation.
Realtors said the issue was not just limited to 4,000-odd developers but also affected consumers. Realtor Uday Bhatt said, several issues related to capital gains tax were a cause of concern for farmers as well as developers. "Now, the rates are more realistic and the income-tax burden would be lower," he said. "It will bring transparency in property deals and at the same time the burden on end-users will be lesser," said Vijay Shah, former president of Credai.
"The new jantri had put a question mark on viability of proposed residential projects under new slum rehabilitation policy. But with 50% relief, feasibility of such projects have improved," said realtor Rajesh Brahmbhatt, who intends to develop five projects under the policy in Ahmedabad.