JAIPUR: At a time when the real estate market is facing a slowdown, the Jaipur Development Authority (JDA) on Thursday hiked the land reserve prices in several areas by six times. These new prices will come into effect from September 17.
However, in a few posh localities such as C Scheme, Lal Kothi, Raja Park, Malviya Nagar and Chitrakoot, JDA has increased the existing rates by two times.
An official informed that the last time the reserve price was increased was in 2009. After the increase in the reserve prices, the price of land in JDA schemes is likely to shoot up significantly.
Also, following the hike, the allottees will now have to pay higher development, resumption and regularization charges.
While the commercial reserve price will now %be twice of the residential price, institution reserve prices shall see a hike %of 25% from the residen-%tial price.