The valuation of properties in Bangalore are now valued at anywhere between 10-100% higher than the previous rates, depending on the area, thanks to the recent revision.
Guidance value is the minimum value at which a property can be registered. The last revision was done in September 2011.The valuation committee has based the revision on the number of transactions that have take place in the particular area. Which means the higher the number of transactions in a given area, the higher will be the guidance value and vice-versa.
In a way, the rates saw a correction, as places that have not seen much buyer demand have seen a decline in the guidance value from the existing rates. Buyers who have recently bought their houses in high demand areas like North Bangalore and south-east Bangalore are the worst hit, since they have to now shell out nearly 100% more for registration of their property.
In anticipation of the revision that officially came into force on August 12th, there was a huge rush to register properties towards the end of July and in the first week of August, as buyers wanted to avoid the extra expenses.
What does the revised value mean for Villas?
*Under the new system, registration of villas and houses in gated communities has been included with the guidance value being fixed for the first time. The guidance value for such properties range from Rs. 500 per sq ft to Rs. 10,000 per sq ft in the eastern part of the city; especially near Mahadevapura, K.R. Puram, south-eastern parts around Sarjapur and Hosur Road, and northern parts, including the area around Yelahanka and Bellary Road.
* Source: http://bit.ly/18syUVW
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