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Jaipur: Land prices in Jaipur have been on the rise for the past two years, reflecting the increase in the sale of plots for housing. Although price appreciation is uneven, the local real estate industry estimates that growth in some areas is as high as 70%. Jagatpura and others.
While the natural preference for owning one’s own roof is a compelling reason, the stamp duty structure has also been the major reason behind the spike. But developers are of the view that mass plotting may contribute to the chaotic development of the city.
In fact, the charges for a plot are much less as compared to a flat. Dhirendra MadanPresident of CREDAI-Rajasthan “The stamp duty, fees and taxes component on a flat becomes around 23% of the cost, while for a plot it can be around 3%,” he said. This is one of the major reasons why the sale of plots is witnessing a rapid growth.”
Madan said that when a property developer buys land, he pays stamp duty at the time of registration. “Again, when a person buys a flat, 8.8% stamp duty is levied. If 5% GST is included in this, the total levy goes up to 23%, which is very less for a plot.
He said that stamp duty is not applicable in case of colonizers selling plots to first time buyers. “In this case, the fee for obtaining the lease is very nominal and does not exceed 3%. While the buyer of the flat is burdened with paying the stamp duty twice. Because the builder adds the cost of stamp duty incurred during the purchase of land to the cost of the flat. This double taxation should be removed,” said Madan.
However, a colonizer said that it is not just the stamp duty advantage that is driving the demand for plots. Manoj Agarwal, a plot dealer, said, “During the Covid pandemic, many financiers burnt their fingers as they did not get their money back. Instead of lending, he started investing in land. This increased the prices of land.
With regard to the demand for plots, Agarwal said, “As the city is getting congested, people prefer to move to the outskirts.
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