diff --git a/ballerina-test-automation/gradle.properties b/ballerina-test-automation/gradle.properties
index 5f33392c74..7d7b380690 100644
--- a/ballerina-test-automation/gradle.properties
+++ b/ballerina-test-automation/gradle.properties
@@ -1,5 +1,5 @@
 swan-lake-latest-version=swan-lake-2201.9.0
-swan-lake-latest-spec-version=2023R1
+swan-lake-latest-spec-version=2024R1
 swan-lake-latest-version-display-text=2201.9.0
 swan-lake-latest-tool-version=1.4.2
 latest-tool-version=1.4.2
diff --git a/gradle.properties b/gradle.properties
index d5d17d6153..f654174eba 100644
--- a/gradle.properties
+++ b/gradle.properties
@@ -7,7 +7,7 @@ codeName=swan-lake
 ballerinaLangVersion=2201.9.0-20240419-152500-bd530dd2
 ballerinaJreVersion=2.0.0
 dependencyJREVersion=jdk-17.0.7+7-jre
-specVersion=2023R1
+specVersion=2024R1
 slf4jVersion=1.7.30
 balstdlibBranch=master
 devIdpUrl=https://dev.api.asgardeo.io/oauth2/token/.well-known/openid-configuration