No increase in land reserve price in the city

Jaipur: The Jaipur Development Authority (JDA) has decided not to increase reserve price for land within the city limits. The reserve price for land in areas on the city outskirts will be slashed by 40%. The decision will likely come as a big relief to the real estate sector in the city as the property markets have witnessed a slowdown in the recent past.

The decisions were taken in a meeting of senior JDA officials on Tuesday. The JDA has backtracked from its earlier plans for increasing reserve price for land within the city limits by 5%. The real estate industry was against the increase it was likely to weight down on already slugging property markets.

In order to boost sales during property auctions, the JDA has decided to provide relief to people buying large pieces of land in auctions.

Those buying properties worth between Rs 15 crore and Rs 50 crore can now deposit the purchase price in four installments in a year. For properties worth more than 50 crore, people can deposit the purchase price in six installments over a period of one and a half years. Similarly, purchase price can be deposited in eight installments over a period of two years for properties worth Rs 100 crore or more.