Skip to content For old non-performing assets (NPAs), banks sometimes need to know the original Jantri to understand the historical LTV (Loan to Value) ratio.
Prior to 2008, Gujarat’s Jantri rates had not seen a major revision for nearly a decade. Real estate prices in cities like Ahmedabad, Surat, Vadodara, and Rajkot had skyrocketed between 2000 and 2007 due to industrial growth and the real estate boom. However, government valuation remained artificially low, leading to massive under-reporting of property values during registration (commonly known as “black money” in deals). jantri rates in gujarat 2008
On April 1, 2008, the Gujarat government, under then-Chief Minister Narendra Modi, implemented a new Jantri. This was not a routine update; it was a structural overhaul. In some prime urban zones, the rates were increased by 400% to 600% overnight. The stated aim was to bring government valuations closer to market realities and increase stamp duty revenue. For old non-performing assets (NPAs), banks sometimes need
Not every property was bound by the 2008 Jantri in the same way. Important exemptions and special rules included: To ease the blow, the government allowed a
The 2008 Jantri revision was met with widespread protests from real estate developers and trade associations. Key repercussions included:
To ease the blow, the government allowed a one-time amnesty for under-construction properties, but completed properties had to follow the new 2008 Jantri.
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