Guidance Value Pushing Property Rates in Bangalore

April 19, 2007	(1 votes, average: 3 out of 5)  Loading ...
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The prices of commercial property in Bangalore are hitting the sky. Seeing the high growth witnessed by the IT city and the proportionate increase in the value of land, the government took the decision to increase the rates for residential property in the city by and industrial properties by 25%.

The hike in properties in Bangalore will certainly push the registration duty paid to the government. However, the rise in rates encourage undervaluing of properties. A large part of formalities necessary for registration of properties will now be done backdoor through ‘under the table’. The increasing prices are a disadvantage for both the property developer and buyer.

The flats featuring roofed parking will have to pay the registrations duty of Rs 70,000 whereas the flats without such facilities need to shell out Rs. 50,000. Guidance value for flats with an array of modern facilities including open terrace, garden area, and executive usage areas has been appreciated by another 25%.

Moreover, the government has some more shocks for shopping malls as well. It has decided to increase the land rates by 30%. And prized corner sites have to pay an additional 10% over and above the already prohibitive rates.

However, the government claims to have considered each and every aspect while revising the property rates in Bangalore. Recently, the government has upwardly revised the guidance values fro Bangalore Rural District.

News Published Under:   Bangalore |

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