Bengaluru realty: Cunningham Road to be costlier

Bengaluru realty: Cunningham Road to be costlier

DH file photo for representation.

Residential properties in and around Cunningham Road in the heart of Bengaluru's central business district (CBD) will be the costliest, while commercial units in Jayanagar would literally cost a fortune, suggests the recent proposal by the Department of Stamps and Registration (DSR).

DSR’s guidance value at Jayanagar 9th and 10th Main has been proposed to be Rs 3,87,500 per square metre for a commercial space. This area had earlier been categorised as residential, but the department has changed it to commercial and hiked the value by 40%, which is the highest.

Last year, the rate in these areas were Rs 2,08,800 per sqm.

It proposed the guidance value for the area around Cunningham Road up to Balekundri Circle-Express Circle as Rs 2,78,600. Last year, the value was fixed as Rs 2,42,200. The value of properties on Cunningham Road from Sankey to Chandrika Hotel is proposed at Rs 2,29,100, against Rs 1,99,200 last year.

The value for Sampige Road in Malleswaram is proposed to be Rs 2,05,000 against Rs 1,53,950 last year. In the case of CV Raman Nagar Road in Sadashivanagar, DSR has suggested the value to be Rs 2,58,200 against the old value of Rs 2,36,800.

For developing areas like Bannerghatta Road and Kanakapura Road, the proposed guidance value is Rs 91,500, while the previous value was Rs 82,900 and Rs 51,700,  respectively.

“Rates are revised based on survey reports and proposals from zonal officers. The guidance values have been made based on the draft 2031 master plan by the Bangalore Development Authority. It is also decided keeping in mind the Rs 10,400 crore revenue collection target fixed by Chief Minister H D Kumaraswamy to off-set the farmers’ loan waiver scheme,” a DSR official told DH.

Officials said the guidance value has been increased based on the market rate, which is 30% higher. “Not that the guidance value is increased everywhere,” the official said. It’s 0% in Doddabalapur, 1% in Bengaluru Rural and a marginal 10% in Arkavathy Layout (from Rs 29,600 to Rs 35,000).

Know more: Property purchase cost may rise by 2-3% in Bengaluru

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