GHB’s revised policy promises growth for Ahmedabad’s real estate, offering more options to residents and property seekers alike.

In a significant development for property seekers in Ahmedabad, the Gujarat Housing Board (GHB) has introduced a revamped redevelopment policy for housing board societies. This move is poised to bring about a remarkable transformation in the city’s skyline and real estate landscape.

Empowering Residents in Redevelopment

Under the new policy, residents undergoing redevelopment will have the liberty to select their new homes within the redeveloped scheme. This choice will be based on various factors including their original frontage, preferred locations, and desired floors. This step is expected to streamline the redevelopment process across the city, benefitting both the eastern and western sectors, where numerous GHB housing projects have long awaited redevelopment.

Expanding Opportunities for Property Buyers

Beyond current residents, the policy revision opens doors for new property buyers who seek homes within the city limits. This expansion of options is anticipated to invigorate the real estate market in Ahmedabad.

Ajay Shridhar, Chairman of A Shridhar Group, lauds this move as a significant step toward reducing conflicts between developers and existing dwellers. He emphasizes that this policy sets a standard for all developers to follow, fostering greater resident participation in the redevelopment process.

Lease Extension and Stamp Duty Concerns

While the GHB contemplates extending lease periods by an additional 99 years from the new documentation date, current residents remain cautious about the potential stamp duty burden that may fall upon them.

Sandip Trivedi, Chairman of Rameshwar Apartment and a member of the Housing Apartment Redevelopment Federation (HARF), acknowledges the policy’s potential to boost vertical city development and enhance residents’ quality of life. However, he urges the GHB to consider waiving the stamp duty for existing residents, as it could prove burdensome to them.

Government’s Response

In response to these concerns, Gujarat’s government is actively considering measures to address the stamp duty issue. Housing Commissioner S. B. Vasava has stated that they are exploring options, including the possibility of waiving the stamp duty for existing residents. Vasava also confirmed that additional amendments to the GHB redevelopment policy are in the pipeline.

This policy overhaul by the Gujarat Housing Board marks a significant step forward for the real estate sector in Ahmedabad. It not only empowers residents but also holds the potential to reshape the city’s skyline and provide more housing options for its residents and property seekers. As the government considers further improvements, the future of real estate in Ahmedabad looks promising.

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