Bengaluru properties will see substantial 25-30% surge in guidance values

Electronic City properties to witness 50% increase in their guidance values

Government recently issued preliminary notification on revised guidance values

From October 1st, Bengaluru will see a substantial 25-30% surge in the guidance value of properties. This guidance value represents the minimum price established by the government for property registration in specific areas, and it is being adjusted after a five-year interval.

Krishna Byre Gowda, the Karnataka Revenue Minister, announced on September 19 that certain areas like Electronic City in Bengaluru will witness a substantial 50% increase in their guidance values.

Gowda explained that, “In Electronic City and its vicinity, the property market rates are approximately 500 times higher than the existing guidance values. For instance, if the guidance value for properties along national highways ranged from Rs 5 lakh to Rs 10 lakh per acre, the market prices exceeded Rs 10 crore. In such locations, the guidance values will be revised by 50%.”

In areas where property market values align with the existing guidance values, a modest 10% adjustment in the guidance values will be applied.

The state government recently issued a preliminary notification regarding the revised guidance values for Bengaluru. Additionally, draft guidance values for seven zones in Bengaluru were published during the first week of September.

The government has designated September 23rd as the final date for the public to raise objections to these new values.