Fifteen months after the last revision of property guidance values in Bangalore Urban District, the Central Valuation Committee (CVC), attached to the Department of Stamps and Registration, has formalized another upward revision.
The figures in the gazette notification released to the public on Wednesday point at a maximum upward revision of around 350 per cent.
The new values will come to effect from April 19in areas under the 33 Sub Registrar Offices in Bangalore. Guidance values, function as guideline for individual sellers and realtors in fixing prices on their properties.
The traditionally favored real estate pockets in the City continued to sport the buzz.
A pointer to the trend is Raj Bhavan Road, where the land price has been fixed at Rs 10,000 per sq ft. On the peripheries, the much-in-demand Hebbal clocked a new high, with agricultural land in the Hebbal Outer Ring Road (ORR) area priced as high as Rs 3.5 crore per acre. Yelahanka, expected to ride the boom of the upcoming international airport in Devanahalli, has entered the big league, with agricultural land in areas around the NH7 priced as high as Rs 2.5 crore per acre.

The prices will continue to be on the higher side in the residential neighborhood of Jayanagar. Land in Jayanagar 9th Main 3rdBlock now comes at Rs 7,000per sq ft. The apartment rates in the area are Rs4,950 per sq ft (mosaic/ ceramic/ vitrified tiles) and Rs 5,060 (marble/ granite).In J P Nagar, land in areas in the peripheries of ORR will come at Rs 3,300 per sqft. In J P Nagar 24th Main, apartments in BDA/ BMRDA layouts have been priced at Rs 5,610 per sq ft.
Property prices in the Central Business District have, on expected lines, been placed high. In the Brigade Road belt, the M G Road-Residency Road area has clocked Rs 8,000per sq ft of land.

The prices for apartments in the above mentioned categories have been fixed at Rs 5,610 per sqft and Rs 5,720 per sq ft respectively. In the Residency Road-Richmond Road area, the figures are Rs 7,000 persq ft (land), Rs 4,950 per sqft and Rs 5,060 (apartments).Prices of sites informer CMC and gram thana areas converted for commercial purposes have been hiked by 30 per cent. Commercial space in shopping malls has also become costlier by30 per cent.
According to sources in the Stamps and Registration Department, 74 objections were received against the proposed revision of rates. However, the revised rates are by and large the same as proposed, the sources said. The CVC put existing market rates, and not last year’s revised slabs, as guideline for the new revisions, they added. The impact of increased guidance values will be an increase in stamp duty and registration fees.
The last guidance value revision in Bangalore was in Oct 2005,that saw a maximum upward revision in the excess of 100 per cent.

Revised rate for building valuation
Type of Building----------------Ground Floor-------Upstairs
RCC, Granite flooring, Teak----------Rs 680-------------Rs 600
RCC, Marble flooring, Teak-----------Rs 640-------------Rs 540
RCC, Mosaic flooring, Teak-----------Rs 580-------------Rs 520
RCC, Mosaic flooring, Honne----------Rs 560-------------Rs 500
RCC, Mosaic flooring, Honne doors,
Iron Windows------------------------Rs 530-------------Rs 470
RCC, Redoxide flooring, Honne--------Rs 470-------------Rs 430
RCC, Redoxide flooring, Jungle
Wood-------------------------------Rs 460--------------Rs 410
Madras Roof, Mangalore Tiles,
Sheet, Redoxide flooring, Jungle
Wood--------------------------------Rs 300
Madras Roof, Mangalore Tiles,
Sheet, mud walls, Jungle wood--------Rs 220
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