diff --git a/gradle.properties b/gradle.properties
index 9554985d..846896aa 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -1,7 +1,7 @@
 org.gradle.caching=true
 org.gradle.jvmargs='-Dfile.encoding=UTF-8'
 group=io.ballerina
-version=3.0.1-SNAPSHOT
+version=3.1.0-SNAPSHOT
 systemProp.org.gradle.internal.publish.checksums.insecure=true
 ballerinaLangVersion=2201.10.0-20240806-083400-aabac46a
 stdlibConstraintVersion=1.5.0