IANS/Bangalore
The Karnataka stamps and registration department has proposed a sharp increase ranging from 40%-80% in the guideline value of properties across Bangalore, a senior official said yesterday.
“We have revised the guideline value of residential and commercial properties across the city and posted the details on our website (www.karunadu.gov.in/karigr) late Saturday to invite suggestions or objections within next 15 days from citizens,” the official said.
The fresh guideline value will also be applicable to apartments and gated communities that have mushroomed in and around the city due to shortage of vacant sites in private or state-owned lands.
Guideline Value of a land is the value of the land as determined by the government, based on its own metrics of facilities and infrastructure growth in that locality.
The stamp duty and registration charges for registering a property deal are based upon this Guideline Value.
The Guideline Values are revised periodically to have them in sync with the Market Value. In the city’s central business district, spread across M G Road, Brigade Road, Kasturba Road, Infantry Road, Commercial Street and Church Street, the guideline value has been increased to Rs15,200 per square foot (sq ft) from Rs10,000 per sq ft two years ago. Similarly, in posh suburbs such as Jayanagar, Indiranagar, Koramangla, Malleshwaram, Rajajinagar, Basavangudi, Gandhinagar, R T Nagar, the state’s guideline value has been revised to Rs7,000-9,000 per sq ft from Rs4,200-6,500 per sq ft.
“In some areas, including localities that came under the BBMP (Bruhat Bangalore Mahanagara Palike) fold following the extension of the city limits by 50km around, the guideline value has been reduced as transactions (sale and purchase) of properties have not been high warranting upward revision,” the official clarified.