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Bangalore Real Estate to witness Hike in Guidance value by Aug 1
05:07
A quiet hike on guidance value by 40%-50% on official land cost by the government of Karnataka would make buying property costlier. Following suite Bangalore's rates will be revised by August 1.
This move has increased the guidance value in 20 districts till now said Inspector General of Registration and Commissioner of Stamps Syed Adoni Saleem.
Governments revenue will also witness an additional revenue boost of Rs. 1,000 crore. The proposed increase on stamps and registration duties marginally will rack in almost Rs 500 crores to their kitty, sources said. By the upcoming budget.
Explaining further Saleem informed nine districts already has revised rates, including Dharwad and Mysore, by June 1. The revise in prices was effective in another 11 districts by July 1. Four other districts including Bangalore will come under changed prices by August 1 final phase of the revision.
This hike over the guidance value has drastically increased the prices of residential sites, commercial properties and industrial properties by 50%,60%,25% respectively.
The price increase is supported by justification from the authorities stating "The proportionate increase in the value of land along with unprecedented growth of secondary cities.
The decision directing the local valuation committees to increase rates to fund its populist schemes from the state government was directed through a gazette notification vise June 13, It had specific guidelines over the valuation of the gated communities property and also along the state and national highways.
- Variation over the guidance value would be between 40% - 50%
- No increased trends since past 4 years.
- 20 districts already subjected to the hike over guidance value.
- Marginal increase over the stamps and registration duties.
Sustaining further would need drastic measures like loan waivers, increased subsidy for construction of houses under various schemes. Were money being the major player, with anticipation over further available alternatives.
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ReplyDeleteBest way of narration of this blog post. Hike in the property price by 40 to 50%, it is showing the demand of Lands in Bangalore and Mysore also. From aug1st onwards it will be applicable in all the govt. Offices.
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ReplyDeleteIn India the property price increases by some percentage then form the last year and if it is a developing metro city like Bangalore than no one can make any accurate prediction of price hike. Stamp duty and other Government guidance values are the factor which work as a catalyst in this hike.
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