Karnataka Govt hikes guidance value

Property prices may go up with the State government proposing an upward revision in the guidance value of immovable properties  in Bangalore.

The Inspector General of Stamps and Registration has notified the draft guidance value on October 7 and has given 15 days’ time for the public to file objections, if any. The details of the revised guidance value has been hosted on its website https://www.karnataka. gov.in/karigr.

As per the proposed revision, the guidance value of the properties will see a hike between the range of 15 per cent and 26 per cent when compared to last year. This excludes revision in the rates of guidance value of various types of buildings.
The guidance value of converted (diverted) land with due approvals from the BBMP and the BDA on MG Road has been increased from Rs 15,200 per sq ft to Rs 17,000 per sq ft.

On Dickenson Road, between MG Road and Ulsoor, the guidance value has been increased from Rs 11,500 per sq ft to Rs 12,100 per sq ft and between Ulsoor to Kamaraj Road the rates have been revised from Rs 9,200 per sq ft to
Rs 10,000 per sq ft.

On Infantry Road, from Ali Askar Road to Central Avenue Building, the guidance value has been increased from 14,000 per sq ft to 14,700 per sq ft. On Lavelle Road, the rates have been increased from Rs 12,800 per sq ft to 13,500 per sq ft. In Jayanagar third block, from Ashoka Pillar to Madhavan Park, the guidance value has been hiked from Rs 8,000 per sq ft to Rs 10,500 per sq ft.

From Madhavan Park to South End Circle, the rate has been revised from Rs 8,000 per sq ft to Rs 10,500 per sq ft. On 9th main road in Jayanagar, the rates have been increased from Rs 12,000 per sq ft to Rs 14,400. In Jayanagar 4th Block, on 9th and 10th main roads, rates have been revised from Rs 13,000 per sq ft to Rs 16,300 per sq ft.

At Gandhi Bazaar in Basavanagudi, the value has been increased from Rs 8,000 per sq ft to Rs 9,200 per sq ft.

The government has also revised the rates for the sale of different types of buildings, which will add up to the revised guidance value.

The new guidance value of the ground floor of RCC buildings has been increased from Rs 1,300 per sq ft to Rs 1,600 per sq ft. The building value has been increased from Rs 80 per sq ft to Rs 300 per sq ft based on the type of material used in the structure.

The government has, however, not revised guidance value for apartments in the City.