Real Estate in Jaipur booming prior to Reserve Price hike
Jaipur - Before the Jaipur Development Authority (JDA) announced the hike in Reserve Price, the land rates in Jaipur have increased. Previously, the Reserve Price was hiked in 2009.
The booming real estate sector in the city has been the major factor for the increase in land prices. Although the increase in land price is good for realtors, it has become a major concern for the residents of the city as buying a piece of land in Jaipur has now become an expensive affair. According to the realtors, the land prices in the JDA scheme and nearby residential colonies like Ajmer road have escalated by approximately Rs. 2000 per square yard in one month.
A senior official source at JDA elaborated the progress going through in the increment of Reserve Price. The proposal is awaiting approval from urban development & housing Shanti Dhariwal. It is expected that after the increase in the reserve price, the land rates shall increase by 15-30 percent. Even development, resumption and regularisation charges are likely to be paid at much higher rate by allottees.
A prominent developer of the city stated that the policies of the state government are helping the common man in making their home a more cherished place to live in. But if the rates increase continuously then it will create hurdles for the common man.
He believes that this tremendous increase in rates is due to land auctions at high prices. He also pointed out that although the Chief Minister of Jaipur has given speeches announcing the increase in the District Lease Committee (DLC) rates for the past three years, it is the district collectors’ responsibility to bring it to amendment.
Although Chief minister Ashok Gehlot announced a balance in the rates of District Lease Committee and Reserve Price, the flip side to it is that if the Reserve Price increases, it becomes an obvious situation to increase District Lease Committee rate.
But, all said and done, if there is an increase in the Reserve Price, it will surely help the common man.
FAQ
1. What is Reserve Price?
Ans. Reserve Price is the minimum price fixed for sale of land or property at an auction.
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[...] in real estate prices in 2012. It is a result of city catching up from a low base. The price of properties in Jaipur had steadily declined over the years. The index for the city was 36 percent lower in December 2011 [...]