Jantri or Annual Statement of Rates (ASR)

In news– Recently, the Gujarat government announced a 100 percent hike in jantri rates – ready reckoner rates applicable to any property bought or sold across the state – with immediate effect from February 4.

What is Jantri?

Jantri or Annual Statement of Rates (ASR) is a minimum rate fixed by state governments for registration of any real estate property that undergoes a change in ownership.
These rates differ between cities. Even within localities, jantri rates may differ based on property type (residential, commercial, institutional), location, size of property, and various other factors.
When an old or existing property is bought by a new owner, it has to be registered as per the jantri or the market (selling) price, whichever is higher.
As the name, ASR, suggests, jantri rates can change annually but were last hiked in April 2011.
Then on February 4, the revenue department under Chief Minister Bhupendra Patel – who was earlier associated with the construction business himself – issued a resolution to hike the jantri rates by 100 per cent, to come into effect from the next day.
By hiking the jantri, or, as other states call it, the circle of rates, the state government will collect more revenue through stamp duty and registration charges.
Also, the move is expected to curb black money in the real estate sector, by bridging the gap between jantri rates and the actual market price of a property.
Land and property owners usually quote prices higher than the jantri rates, thus earning more.
The ASR is an essential guideline for the assessment of stamp duty, which is charged on the agreement of sale of a property.
It also enables to indicate the property prices for every location or a specified area within an administrative boundary.