Rajasthan Housing Board increases land rates up to 26%
In the Indira Gandhi Housing Scheme in Jagatpura, Jaipur, the price per square meter is now Rs 17,875.
JAIPUR: The Rajasthan Housing Board has raised land prices in over 170 housing schemes across more than 15 districts, including Jaipur and Jodhpur. Prices have increased by 8.50 to 26 percent.
The highest price hikes are seen in the Hanumangarh and Jhunjhunu schemes. In the Indira Gandhi Housing Scheme in Jagatpura, Jaipur, the price per square meter is now Rs 17,875.
This means that a plot of land measuring 100 square meters will cost approximately Rs 17,87,500 – a rise of over 23 percent. The new prices will come into effect on January 1st and will also impact the prices of under-construction houses.
According to the latest rate list from the Housing Board, Hanumangarh Yojana has experienced a significant increase of 26 percent. The residential reserve rate for this scheme has risen from Rs 6355 to Rs8015 per square meter – an increase of over twenty-six percent.
In Ajmer’s Panchsheel scheme and Jodhpur’s Badli Scheme among others, residential reserve rates have increased by around eight-and-a-half percent.
These rates apply to middle-income group (A) homes. Middle-income group (B) and high-income group (HIG) houses will see increases of ten and twenty percent respectively compared to reserved rates. Meanwhile, low-income group (LIG) and economically weaker sections (EWS) homes will be priced at ten and twenty percent below reserved rates.
In Indira Gandhi Nagar Housing Scheme located in Jagatpura Jaipur alone, rates have jumped from Rs14530 per square meter to Rs17 thousand eight hundred seventy-five per square meter – an increase of nearly seventeen-and-a-half-percent. Similarly, Mansarovar Yojana in Jaipur has seen a rise of seventeen point two-eight-percent with reserved rates going up from Rs26 thousand one hundred eighty to Rs30 thousand seven hundred five per square meter.
These price hikes will also impact under-construction projects by the Housing Board that have not yet been issued allotment letters. The board launched housing schemes in several cities last year, and the cost of houses being built under these schemes will also increase.