New guidance values soon; Jayanagar plot costliest

New guidance values soon; Jayanagar plot costliest

Guidance values were last revised three years ago

Revised guidance values for Bengaluru and the rest of the state will be implemented from the last week of December after the legislature session ends. Guidance values were last revised three years ago.

The Stamps and Registration Department has revised the draft after reviewing all the objections received from the public. According to the final report, the highest guidance value for a commercial site is Rs 4,57,400 per square metre in Jayanagar 11th Main Road in 4th Block and Rs 3,44,500 on OTC Road (from BBMP office to Kumbaragundi Road) in Gandhinagar zone for residential.

The lowest guidance value in the residential category in Bengaluru is Rs 900 for an EWS (economically weaker section) site in Jayanagar zone, followed by Rs 1,800 in Chikkanahalli, Basavanagudi zone.

K V Trilok Chandra, Inspector General of Registration and Commissioner of Stamps told DH that the final report is ready. Data entry work is being completed and it will be made public from December last week.

According to officials, there has been no revision in some areas. The revisions have been made based on demand and development growth.

In the case of Raja Rammohan Roy Road, the proposed guidance value has been revised from Rs 2,15,300 per sqmt to Rs 1,73,300.

Similarly, in Rajarajeshwari Nagar, the guidance value which was proposed at Rs 18,300 per sqmt is revised to Rs 17,800 a sqmt.

But in Cauvery Nagar in Mahadevapura zone, the guidance value has increased because this area is a new addition to the zone. It is a fast developing area between Mahadevapura and KR Puram. Here, the guidance value has increased from Rs 33,100 to Rs 39,000.

Another senior official explained that the guidance value of residential properties can be converted to commercial by adding 40% of the set guidance value to it.

The department received 188 objections, of which 165 were from five zones of Bengaluru. The largest number of objections were from Shivajinagar zone (79), and the least from Rajajinagar (4).

Interestingly, the largest number of objections were sought by builders of apartment complexes and villas. Though the average percentage of revision ranged from 5-80%, builders from some areas sought to double the guidance value.

An official explained that builders sought a revision to increase their market capital. But to ensure that buyers are not burdened with high prices, the department has decided that stamp duty will be collected from the builder when the buyer is charged higher than the guidance value.