The revised jantri or government land value certificate (LVC) rates have made Thaltej the most expensive place to own a plot in Ahmedabad. If according to the 2011 jantri rates, the price of a plot in Thaltej was Rs 54,500 per sq m, it now has a valuation of Rs 1.09 lakh per sq m!
But the new rates have also brought forth inconsistencies in calculating land value.
In neighbouring Bodakdev, where the jantri rate has been Rs 12,000 per sq m since April 2011, the new valuation is a mere Rs 24,000 per sq m.
“Just recently, when the Ahmedabad Municipal Corporation (AMC) auctioned a plot in Bodakdev, it fixed a price of Rs 2.22 lakh per sq m. Other plots close to the AMC one were selling at a rate of Rs 1.5 lakh to Rs 2 lakh per sq m. How then is the new jantri rate, Rs 24,000 per sq m, close to reality?” a senior AMC official asks.
In Thaltej, the 2011 jantri rates indicated a valuation between Rs 35,000 and Rs 54,000 per sq m. “The revised rates for Thaltej even doubled do not match the existing market valuation, which is Rs 90,000 to Rs 1 lakh per sq m,” adds the AMC official.
However, the circular also indicates that jantri rates for constructed property have been separately doubled. For properties with RCC frames in cities, the new jantri is fixed at Rs 19,800 per sq m. In rural areas, it has been set at Rs 18,200 per sq m.
For load-bearing structures, it has been fixed at Rs 19,200 per sq m and Rs 15,400 per sq m, respectively, for urban and rural areas. Similarly, for industrial RCC sheds, the rates have been fixed at Rs 23,000 per sq m and Rs 22,400 per sq m, respectively, for cities and rural areas.