According to the Central Valuation Committee Secretary J H Imbrapur, the highest revised building rate in the BBMP limits has been revised to Rs 950 per sq ft, from Rs 680 per sq ft. This applies to buildings which have RCC, granite flooring and teakwood. Similarly, the lowest revised rate, for buildings that have Madras roofing or Mangalore tiles, AC sheet, mud walls and forest wood, is Rs 250 per sq ft, against the previous Rs 220 per sq ft.

The revised rates are slightly less for other floors.

Likewise, buildings have been categorised into seven kinds, depending on the materials used for their construction, and separate rates have been fixed for each of them. The revised rates apply to all city corporations of Mysore, Hubli-Dharwad, Mangalore, Gulbarga, Bellary, Belgaum and Davangere, all CMCs and TMCs. The revised rates have come into effect from December 12, he stated.

Parking lot rates

The rates for multi-storeyed parking lots have also been revised. Accordingly, for closed parking, the rate is fixed at Rs 1 lakh and for open parking, the rate is Rs 75,000. Building rates have been revised after a gap of two years.

The building value rates are prescribed by the Public Works Department in its scheduled rates, Imbrapur said.

The upward revision of rates, according to sources, will also result in an increase in the property tax under the Capital Value System. The CVS takes into account both the land’s as well as the building’s value.