BANGALORE: Luxury will come with a premium. By April, you may have to shell out some extra money to the stamps and registration department if the property you are going to buy boasts special amenities.

To cash in on the housing boom in Bangalore, the government has come out with separate guidance value for special amenities that are offered by the premium housing colonies.

Stamps and registration department officials told TOI the apartments have been classified under three heads — A, B and C — according to the facilities offered. Category A apartments have state-of-the art facilities; category B has slightly less than this; and category C has normal apartments with just lift and parking places.

Under category A, housing colonies with five-star facilities — such as swimming pool, club house of international standard,well-equipped gym, lounge, party zone, coffee shop and cafeteria — will be charged an additional 15-20% of the guidance value of that particular property.

Under category B, apartments with normal facilities will be charged an additional 10-15% of the guidance value. C-category apartments will have the normal fixed value.

Though the sub-registrars proposed 25% of the value for special amenities, the Central Valuation Committee decided on 20%.

Tackling under-valuation: With additional rates for special facilities coming into force, the onus is on sub-registrars to tackle cases of under-valuation. During presentation of sale deed documents, the special facilities are usually not declared. The sub-registrars will now have to keep tabs on the advertisements and brochures of upcoming properties in their jurisdiction.

When such documents are presented, officials have to cross-check them with publicity material.
Source:Times of India 8 Mar, 2007