Jaipur Development Authority reduces land rates by 25-40% in suburban areas
The Jaipur Development Authority (JDA) reduced the reserve price of uninhabited land in its region by 25-40% in U2 and U3 areas as well as less populated areas of U1 on Thursday. The authority also decided to impose a higher reserve price for land situated on 80 feet and 100 feet roads by 10% and 15%, respectively, across the city.
The new prices will come into effect from September 14 midnight. While, the JDA has not touched the reserve prices of land in existing developed colonies, the rates of vacant and less populated land in U1, U2 and U3 areas have been slashed. This is for the first in a decade that the reserve price for JDA land is being reduced in Jaipur.
Industry experts and government officials believe that the rate cut will lead to price correction that will help to boost the sluggish market as more home buyers will be keen to invest in property. The move is also expected to benefit the real estate developers of the city.