Tag: Gujarat

IndustryLatest Stories

Gujarat’s 5 districts draw ₹5.03 lakh crore in real estate investments

AI-generated Representative Image AHMEDABAD: Since the Real Estate (Regulation and Development) Act (RERA) was implemented in 2017, Gujarat’s real estate sector has attracted investments totaling ₹5.03 lakh crore. Notably, 94% of this investment is concentrated in five key districts: Ahmedabad, Gandhinagar, Surat, Vadodara, and Rajkot. This concentration is largely attributed to rapid urbanization, improved infrastructure, and heightened demand for residential and commercial properties. In stark contrast, the remaining 28 districts—home to nearly two-thirds (64%) of Gujarat’s population—have garnered only 6% of the total investments. Experts express concerns about this uneven distribution of resources and emphasize the need for balanced infrastructure…

Latest StoriesRera

Gujarat RERA Warns on NBFC Funding for Construction Projects

AHMEDABAD: The Gujarat Real Estate Regulatory Authority (GujRERA) has identified significant issues in loan practices adopted by builders and non-banking finance companies (NBFCs) for project financing. These issues include the mortgaging of unsold inventories from other projects and the disbursement of loans without RERA registration. To safeguard buyers’ interests, the authority plans to address these concerns with the state finance department for escalation to the Reserve Bank of India (RBI). GujRERA emphasizes the necessity for a standardized operating procedure for real estate projects funded by NBFCs. Senior officials from GujRERA have noted that builders seeking funds frequently turn to NBFCs,…

Latest StoriesResidential

Gujarat CM Sets ₹200 Annual House Tax for PMAY-Gramin Beneficiaries

GANDHINAGAR: Gujarat Chief Minister Bhupendra Patel has announced an important measure to benefit recipients of government-backed housing in rural areas of the state. The initiative introduces a uniform annual house tax of Rs 200 for beneficiaries under various government housing schemes, including the Central Government’s flagship program, Pradhan Mantri Awas Yojana (Rural). An annual tax rate of Rs 200 has been established for four years, starting with the current assessment cycle, applicable to houses built with government aid within all Gram Panchayats statewide, as per the official announcement. No Gram Panchayat will have the authority to impose a rate higher…

Latest StoriesRegulatory

Builder in Vadodara to Refund Buyer for Delayed Possession

VADODARA: A real estate group in Vadodara has been ordered by the State Consumer Disputes Redressal Commission to refund ₹28.42 lakh to Dr. Nilam Desai and Dr. Rasesh Desai due to the failure to deliver possession of a flat booked in their project. The complainants, represented by advocate Akhil Dave, reported that they booked a flat in the developer’s Vadodara project in 2012, with possession expected by April 2016, as stated in the agreement. They initially paid ₹6 lakh by cheque and the remaining ₹22.42 lakh through a private bank loan. As per the agreement, the loan disbursal was tied…

IndustryLatest Stories

Gujarat Waives 80% Duty on Property Transfers Without Sale Deeds

GANDHINAGAR: In a significant relief for numerous property owners in Gujarat, the state government announced on Monday a stamp duty waiver of up to 80% for property transfers executed through allotment letters and share certificates, bypassing the need for a sale deed. This issue has long impacted older housing societies. The decision, released by the revenue department under Section 9A of the Gujarat Stamp Act, addresses requests from citizens and elected officials. The new ruling specifically benefits residents of societies, associations, and non-trading corporations that transferred properties without sale deeds — a common practice from 1982 to 2001. Many residences,…

IndustryLatest Stories

Gujarat Waives 80% Stamp Duty on Property Transfers

AHMEDABAD: The Gujarat government has announced an 80% waiver on stamp duty for property transfers conducted through allotment letters or share certificates by housing societies, associations, and non-trading corporations. This initiative aims to assist middle-income families. Chief Minister Bhupendra Patel made the announcement on Monday under Section 9(a) of the Gujarat Stamp Act, 1958. According to an official release, this decision is intended to provide significant relief to lower and middle-income families in relation to housing transfers, stating that “in cases where societies, associations, and non-trading corporations conduct property transfers through allotment letters or share certificates, up to 80% of…

Housing FinanceLatest Stories

35% Drop in Home Loan Borrowers, Avg Mortgage Rises in Gujarat

AHMEDABAD: Gujarat’s housing finance landscape is revealing an interesting trend — while the total amount of loans being disbursed is increasing, the number of borrowers is on the decline. In FY 2025, the total housing finance in the state rose by 8.9%, reaching Rs 58,399 crore, up from Rs 53,590 crore in FY 2024. Conversely, the number of loan accounts plummeted by over 35%, from 6.9 lakh to just 4.46 lakh, according to the State Level Bankers’ Committee (SLBC) – Gujarat. The figures indicate a shift: fewer individuals are purchasing homes, yet those who do are borrowing larger amounts. The…