Record Rs 8.4 lakh-crore real estate deals in Gujarat in fiscal year 2022-23

The rush to avoid any extra payment following a hike in the annual statement of rates (ASR) or jantri in Gujarat from April 15, 2023, saw the value of property transactions skyrocket by 84% in the fiscal year 2022-23.

The state saw property transactions worth Rs 8.45 lakh crore during the fiscal, compared to Rs 4.59 lakh crore in FY 2022, according to stamp duty data computed by Confederation of Real Estate Developers Associations of India (Credai).

These transactions spanned realty segments such as residential and commercial properties, industrial land, agriculture and non-agriculture land, plotting as well as resale deals that took place during the year across Gujarat. In 2019-20, before Covid, property transactions stood at Rs 6.3 lakh crore.

Jantri is the minimum rate fixed by state governments for registration of any real estate property that undergoes a change in ownership. 

Earlier this year, the state government had proposed a hike in the jantri rate from April 15. 

Property owners and developers were in a frenzy to complete their purchase transactions before the rate hike came into effect.