Guidance value up 20% in core areas of city =>TIMES NEWS

[plotcrazy]

Friends
Article extract from times news w.r.t the above for your information.Inputs appreciated

Thanks in advance
Plotcrazy

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Guidance value up 20% in core areas of city



TIMES NEWS NETWORK



Bangalore: Buyers can defer their investment plans, while farmers on either side of Outer Ring Road have reason to cheer. Reason: their farms are now worth Rs 4-6 crore per acre.
The Karnataka government has issued the final notification revising guidance value of properties in Bangalore. The notification came into effect on September 26.
The average increase is 20-30% in core areas of Bangalore, while the rise is over 150% in newly added areas, where land prices shot up exponentially since the last revision in 2007.
“We have not made any changes in the final notification. There were around 120 objections to the preliminary notification. They were not genuine enough and we have not considered them,” B Shivappa, inspector general of stamps and registration, told TOI.

Realtors miss Metro magic


Bangalore: The stamps and registration department has almost missed the anticipated growth in Byappanahalli, the Metro terminal, and its surroundings. Though this much-hyped infrastructure project is set to give realty along the track a boost, Byappanahalli has a revised guidance value of
Rs 1,050 to 1,500. But the fact remains that the guidance value is much higher than market value in these areas, where a number of apartments are mushrooming.
However, in Bangalore North, the guidance value has escalated, with the rate at Rs 5,200 per sqft from Navrang Circle to Metro Circle, where Metro work is on.
Though the department of stamps and registration has attempted to bridge the gap between market and guidance values, the effort appears to be futile, as the market value in commercial hubs like MG Road is not less than Rs 20,000, though the guidance value is just Rs 10,000.

FARMERS GET RICH

In terms of percentage-wise rise in guidance values, agricultural lands falling under Hebbal registered the highest, touching Rs 6 crore an acre, thanks to the Outer Ring Road being laid. The increase is about 150%, compared to the prevailing guidance value. Some properties in Hebbal Amanikere, facing Outer Ring Road, have also got a guidance value of Rs 5 crore.
Among residential layouts, Jayanagar is in the creamy layer with Rs 8,000 to Rs 9,000 per sqft as guidance value.

VALUE OF HOTSPOTS


Commercial Street: Rs 11,000

Kasturba Road: Rs 8,500

MG Road: Rs 10,000

Ashoka Pillar to Madhavan Park Circle (Jayanagar): Rs 6,500

West of Chord Road: Rs 4,550

Bhashyam Circle: Rs 5,200

Hosur Road: Rs 6,000

Avenue Road: Rs 7,800

(figures per sqft)
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[msn1270]

Indeed a very good move by the government.
They must revise based on the market condition at regular intervals,
to ensure there should not be much gap between the guidance value and the market value.

[panks]

Not sure, if this is such a good move. The market rates will further appreciate from the guidance values.
Is there an official source for guidance values ? I am looking for guidance value of Independent houses in Sanjay Nagar (North Bangalore )

-Regards

[msn1270]

dear panks

Pls find the attached revised rates for the Hebbala area. for sanjay nagar its only between Rs.2,100 to 2770.
If i'm right, the actual rates are around Rs.5000 & Above.

even the salary class people who are legally paying the tax for their earnings are paying in cash than registering
to the actual amount. You can imagine the amount of money changes hands unaccountably during each transaction.
As long as this bad practice is there, there will be difference between the Guidance Value and the Market Value.
When buyers stop this, Real estate prices moderates automatically.

[kalidas]

Hi Msn,

It would be great if you could post the pdf documents for other areas tooo...... Else, if you could point out the link to this on interent (if it all it exists) it would be nice

Admin,

It will be nice if we can store these docs in the rates section in our forum. I know these are not market rates but nevertheless, it would be helpful

Thanks,
Kalidas

[Ravi h.g.]

Hi Kalidas,

its in following website.

http://www.karigr.org/default.aspx

click on the bottom of the page titled

"Revised New Guideline Value Estimates for Bangalore Urban,Bangalore Rural and Ramangara "

its a winrar (compressed file of 9.1MB)

regards,
ravindra Kumar hg

[kalidas]

Thanks Ravi.

[panks]

Thanks msn1270 and Ravi h.
Is this available in english or hindi as well by any chance ? Unfortunately I cant read kannada.

-Thanks again

[Ravi h.g.]

Hi Panks,

i dont think its available in other languages except kannada as it goes to vidhanasoudha, Governors approval etc.

ask any of ur friend who is familiar with reading kannada to help u out.

Best regards,
ravindra Kumar hg

[sreekbda]

Hi, I am not able to open the downloaded file as i don't have winRAR installed on my system. I don't have administrative rights to install new software on my laptop. Could someone who has already download the file look-up the proposed guidance value in Banashankari 6th stage and inform me please.