BENGALURU: The state government has issued a preliminary gazette notification on revised guidance value for Bengaluru Metropolitan Region Development Area (BMRDA). A government official said the increase in guidance value would be up to 30% depending on the area. The hike will come into force on October 1.
Separate drafts to cater to seven registration districts of Bengaluru Urban and Rural were issued on September 8. September 23 is the deadline given for people to file their objections.
The final notification will be issued after that, the official said. The proposed guidance value for urban registration districts of Basavanagudi, Jayanagar, R R Nagar, Shivaji Nagar and Gandhi Nagar, and rural districts of Ramanagara and Bengaluru Rural has been notified.
Property tax to increase in Bengaluru
“This will impact anyone holding any asset as the stamp duty fixed for registration is 5% of the guidance value. And 2% of this stamp duty is paid as property tax. So, the direct impact will be a hike in property tax to be paid,” he said. The government prefers to call it an anomaly correction in order to bring it on par with the market value.
The guidance value for agricultural land has been increased by upto 50% from the present value. For sites, it has been increased upto 30% depending on the area. The guidance value for apartments has been increased by 5% to 20%.
“These increases are taken as the base value and the increase in case of commercial complexes will be 40% above that fixed for residential properties,” the official said.
The revised guidance value for other districts will be announced shortly.
“The sub-committee working on it has proposed upto 90% hike for agricultural land as the existing value is in lakhs while the market value runs into crores,” he said.
Elaborating on the guidance value in the city, the official said, “The guidance value fixed for commercial complexes in Jayanagar 4th T Block is Rs 4,63,000 per square metre. The same value applies to Marenahalli 100 ft Road.”