Bengaluru
In a significant move, the Karnataka state government has released a preliminary gazette notification outlining the revised guideline values for properties within the Bangalore Metropolitan Region Development Area (BMRDA). These revised values, based on the area, are set to witness an increase of up to 30%. The new guideline values are scheduled to come into effect from October 1, according to a government official. The announcement came following the issuance of separate drafts on September 8 for seven registration districts encompassing Bengaluru city and its surrounding rural areas. Residents and stakeholders are encouraged to submit their objections by September 23. The final notification will be issued after considering these objections. The proposed guideline values are applicable to the Urban Registration Districts of Basavanagudi, Jayanagar, RR Nagar, Shivaji Nagar, Gandhi Nagar, as well as Ramanagara and Bangalore Rural Districts. One noteworthy change is the increase in stamp duty for property registration, which will now be 1% of the guideline value, marking a 5% increase. Additionally, an additional 2% of the guideline value will be levied as property tax. This adjustment aims to bring property tax rates in alignment with the prevailing market values. The revised guideline values are as follows; Agricultural land: 1% above the current value, a 50% increase. Sites: A 30% increase, with variations depending on the region. Apartments: A 20% increase, making it Rs. 5 per cent. Commercial complexes: Expected to be 40% higher than the values set for residential properties. Furthermore, the sub-committee has proposed a substantial 90% increase for agricultural land guideline values, taking into account the significant disparity between current and market values, with the former being in lakhs and the latter in crores.
