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Rajasthan Housing Board looks to jack up reserve prices of land as real estate business struggles

Posted on Jun 22, 2016
Jaipur: At a time when there is no hope of revival of real estate market, the Rajasthan Housing Board (RHB) is planning to increase the reserve prices of its land.

Proposals to increase rates have been called from all the circle offices in this regard. If the proposals are accepted, rates of under constructed houses will shoot up in the state. "The exercise has been started and reserve prices are likely to be increased from July 1. The rates will be revised after receiving their proposal," said an official source.

Officials claimed that the RHB will increase prices slightly and there will not be much burden on purchasers. "The decision has been taken as construction cost of RHB flats has increased. Besides, due to slump in the market there were no purchasers. The RHB was facing loss in such circumstances," added the official.

Directions have been given to increase the reserve prices of colonies where RHB has spent much on development. The reserve price of the colonies that are already developed will not be increased. However, sources in the department said that rates of under construction houses in Pratap Nagar, Indra Vihar and other parts of the state will be increased.

Presently, RHB has already failed to attract buyers and an increase in prices would put a dent on its sale. "People are not purchasing flats due to higher prices. The decision to increase the reserve price should be passed in the board meeting so that the common man is benefited. However, according to rules, the officials at administrative level also increase the reserve price which is wrong." an official source said.

The major reason that kept buyers away from RHB flats is due to increase in cost. "In the last two years, the construction cost has been increased by more than 30% ," a source said.

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Is this a good time to invest in Jaipur realty?

Posted on Jan 13, 2015
With each passing day Jaipur is witnessing increase in tourism and fast-paced infrastructure development. The soon-to-be-functional metro could be one major reason to invest in Jaipur. This mega infrastructure development has not only added to the growth graph of the city but has also impacted the real estate positively.At present, most promising a ...
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StayWell Hospitality Group launches its first hotel in India

Posted on Aug 30, 2013
Australia-based StayWell Hospitality Group has launched Leisure Inn Grand Chanakya Jaipur, the groups first hotel in India, with the objective to open six more properties across the sub-continent within the next nine months, stated a report on The hotel will cater to both business and leisure travellers. The Leisure Inn will contain 52 ...
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After 7 years’ gap, Rajasthan Housing Board set to launch housing scheme with independent plots

Posted on Jun 17, 2013
JAIPUR: After a gap of several years, the Rajasthan Housing Board (RHB) will soon launch a housing scheme at Mehla (Jaipur district) to allot independent plots for residents.The scheme will be launched on the land that was recently transferred to the RHB by the Jaipur Development Authority (JDA). The board has also written to the JDA demanding the ...
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Property disputes rise with boom in real estate deals in Jaipur

Posted on May 02, 2013
The booming realty sector has a negative side as well. It has led to an increase in property-related disputes in the city. People believe that investing money in the property business is a sure-shot way of multiplying money in the quickest possible time. Seeing the rising cases of property disputes, the Jaipur police had decided to establish a sepa ...
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Starwood to open 5 Westin, 3 Le Meridien properties by 2015

Posted on Apr 11, 2013
New Delhi: International hospitality major Starwood Hotels and Resorts plans to open eight new properties under its brands - Westin and Le Meridien - by end of 2015 in India as part of its expansion strategy."We plan to open 8 hotels in India by 2015. Five hotels will be under the Westin brand while three will be Le Meridien," Starwood Hotels and R ...
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