Bengaluru to see a 25-30% increase in guidance value of property from October

“In Electronic City and surrounding areas, the market price of a property is around 500 times the guidance value. If the guidance value for properties along the national highways was around Rs 5 lakh to Rs 10 lakh per acre, the market price was more than Rs 10 crore. In such places, the guidance value is revised by 50 per cent,” he said.

In areas where market value was on par with guidance value, a 10 per cent revision in guidance value will be implemented, Gowda said.

The revised figures will be first implemented in Bengaluru, from October 1. In other districts of the state, new guidance values will be announced in stages. “Overall, there will be a 25-30 per cent revision in guidance value,” he said.

The state government issued a preliminary notification last week on the revised guidance value for Bengaluru. Draft guidance value for seven zones of Bengaluru was also issued in the first week of September.

The government has set September 23 as the last date for the public to submit objections to the new values.

Gowda said that around 10,000 – 13,000 properties were being registered daily in Karnataka. Following the implementation of Kaveri-2 software, people are able to finish their work at sub-registrar offices in 20 minutes rather than wait all day. As of September, the revenue generated by the Stamps and Registration Department was Rs 800 crore more than it was last fiscal, he added.