With the boom in the real estate business in Bangalore Rural and the newly created Ramanagara districts, the Department of Registration and Stamps has notified upward revision of property guidance values in these districts for the year 2007-08.

The revision of values in the Bangalore Rural District covers Devanahalli, Doddaballapur, Hoskote and Nelamangala taluks. In terms of percentage-wise rise in guidance values, Hire Amanikere in Devanahalli Town registered the highest touching Rs. 7 crore an acre, an increase of 180 per cent compared with the prevailing guidance value.
Residential land

Residential land values in Doddaballapur Cross and B.B. Road in Devanahalli Town have touched Rs. 15 crore an acre, with both areas registering 50 per cent increase. Parvathapura is also among the town’s top draws, registering 166.67 per cent increase in value. While the existing guidance value in the area (residential) is Rs. 3 crore an acre, the new value is Rs 8 crore.

The upcoming international airport in Devanahalli is one of major factor for the rise in the prices of land. The airport is likely to be inaugurated in March next. Areas around the Doddaballapur Cross have registered a 66.67 per cent rise in commercial land price.

The Department has notified fresh guidance values for vehicle parking lots in apartments located in Ramanagara district and Devanahalli, Doddaballapur, Hoskote, and Nelamangala in Bangalore Rural district. According to the notification, owners of new apartments will have to pay Rs. 70,000 and Rs. 1 lakh for open and covered parking slots, respectively.

Sites close to national highways have been valued higher than other sites falling in the same guidance value bracket. Commercial sites that fall in Bangalore Development Authority, BBMP and Karnataka Housing Board land have been valued 40 per cent more than residential sites in the same localities. In old CMC areas, commercial sites have been valued 30 per cent higher than residential sites, the notifications said.
Shopping malls

Space in shopping malls have been priced 30 per cent more than residential apartments. The notification also stated that a 10 per cent increase on guidance values for prices of corner sites.

The fresh guidance values will be applicable in Channapatna, Kanakapura and Magadi of Ramanagara district. In Ramanagara town, prices touched Rs. 1,000 and Rs. 1,500 a sq ft on residential and commercial plots respectively.
Objections invited

The Department has invited objections from the public to the revised values within 15 days from November 20. Suggestions and objections can be sent to the Secretary, Central Valuation Committee, Office of the Inspector-General of Registration and Commissioner of Stamps, 7th Floor, BWSSB Wing, Cauvery Bhavan, K.G. Road, Bangalore - 560 009.

The copies of the draft notification are available at the respective offices of Deputy Commissioner, Sub-Registrar, Zilla Panchayat and City Municipal Council offices, said a note issued by the Department of Registration and Stamps.
Source: 23-11-07