Wednesday, November 21, 2007

Guidance values skyrocket in Bangalore

DH News Service, Bangalore:
Just over four months ahead of the opening of the international airport in Devanahalli, the airport is spinning a land price boom.

This time, not on speculation and hearsay but with the official State stamp.

Devanahalli Taluk has clocked an impressive rise in residential land prices, as the Department of Registration and Stamps notified revised property guidance values in Ramanagaram and Bangalore Rural Districts on Tuesday. The revision of values in the Bangalore Rural District covered Devanahalli, Doddaballapur, Hoskote and Nelamangala taluks.

In terms of percentage-wise rise in guidance values, Hire Amanikere in Devanahalli Town registered the biggest, touching Rs seven crore per acre, a whopping 180 per cent more than the prevailing guidance value. Residential land values in Doddaballapur Cross and B B Road in Devanahalli Town have touched Rs 15 crore, with both areas registering a 50 per cent increase. Parvathapura is also among the Town’s top draws, registering a solid 166.67 per cent increase in value. While the existing guidance value in the area (residential) is Rs three crore per acre, the new value is Rs eight crore.

Doddaballapur Cross has registered a 66.67 per cent rise in commercial land price as well.

The Department has invited public objection to the revised values within 15 days from Tuesday. Suggestions and objections could 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 Deputy Commissioner, Sub-Registrar, panchayat and CMC offices.