Property Prices in Bengaluru: Property prices are going to increase in the coming month in Bengaluru, the capital of Karnataka and this will happen due to a major decision of the state government. Know what is the big reason…
Property Prices in Bengaluru: Property prices are going to increase in the coming times in Bengaluru, a popular city as the IT hub of the country. Due to increase in property prices in this already expensive city, the living conditions of the residents here may become more expensive. Actually, property prices are going to increase from next month i.e. 1st October. The reason behind this is believed to be the increase in the ‘Guidance Value’ of the Karnataka Government.
New rate of guidance value will be applicable from October 1, 2023 – property prices will increase
Karnataka Revenue Minister Krishna Byre Gowda said yesterday i.e. on September 19 that the time for implementation of the new revised guidance values in the state is October 1, 2023 and it will become effective from this day. According to PTI news, this information has been received.
What is guidance value?
The increase in property prices will be due to the increase in guidance value rates. Guidance value is the minimum rate fixed by the government for selling property, depending on the locality and structure. The Revenue Minister of Karnataka has said that the guidance value should be revised every year. The guidance value in Bengaluru, which is known as the Silicon Valley of India, has not been revised for the last 5 years.
Black money transactions are taking place because the guidance value has not been revised for the last 5 years. Non-revision of guidance value is indirectly promoting black money transactions. Therefore, the Karnataka government has decided to implement it from October 1. While talking to PTI, the Revenue Minister of Karnataka said this.
How much will be the increase in guidance value?
In areas where the market rate and guidance value are same, the guidance value will be increased by 10 percent. Where the market rate is 200 times higher than the guidance value, an increase of 20 to 25 percent will be seen in the guidance rate.
Guidance value will increase by 50 percent in this area
The market rate in Bengaluru’s Electronic City is 500 times more than the guidance value. If we look at this, the rate of land for National Highway is Rs 5 to 10 lakh, its market price is more than Rs 10 crore.
In such areas, the guidance value is going to increase by up to 50 percent. However, the Revenue Minister of Karnataka clarified that such increase of up to 50 percent will be done only in certain regions on the basis of the merits of the case.
