The year 2011 saw a rise in guidance values of Bangalore
properties and in order to keep them in sync with the sharply rising
market values, they have again been raised this August. The values have
been raised in almost all the districts of Karnataka and almost all of
them have seen an appreciation of about 25%. The boom in population and
large influx of people from the other states made the authorities
increase the value of Bangalore real estate. In Bangalore alone, the guideline value has been increased by 40-45%.
It would be mandatory for an owner to state the guidance value of his property at the set value or higher than that. Those who refuse and declare the lesser value, shall be issued notice by the district registrar, who would then decide the correct value. This would bring more transparency to Bangalore real estate. As the values this year have been set more closer to market values, the revenue earned by the government in terms of stamp duty and registration fee is expected to bring more profits.
The change in the values is expected to garner huge revenues for the Karnataka government. A collection in crores from the registration fee and the stamp duty has already been made. In the months to come, more revenues are in the offing. The revenue has also been levied on properties like villas and apartments. The new rates came into effect on August 12 and since then the interest of buyers in apartments for sale in Bangalore has seen a dip. Such was the impact of the news that the registrations reached almost a zero level in areas like Kanakapura and Devnahalli. And just when the news of new rules was made public, a huge rush was seen for registration of properties. Before the guideline vales could come into effect, objections were requested from several sources, including the State government.
Makaan.com, the fastest growing property portal in India, lists residential properties in Bangalore for sell, rent and buy. The spaces like single rooms, apartments, bungalows, villas, offices, and shops are made available from eminent developers, agents, and owners. Get your properties listed, place ads for them, or specify your exact requirements. Be part of the forums and get advice on property matters. Get fine-tuned results by choosing properties based on different criteria like price, location, age and type.
It would be mandatory for an owner to state the guidance value of his property at the set value or higher than that. Those who refuse and declare the lesser value, shall be issued notice by the district registrar, who would then decide the correct value. This would bring more transparency to Bangalore real estate. As the values this year have been set more closer to market values, the revenue earned by the government in terms of stamp duty and registration fee is expected to bring more profits.
The change in the values is expected to garner huge revenues for the Karnataka government. A collection in crores from the registration fee and the stamp duty has already been made. In the months to come, more revenues are in the offing. The revenue has also been levied on properties like villas and apartments. The new rates came into effect on August 12 and since then the interest of buyers in apartments for sale in Bangalore has seen a dip. Such was the impact of the news that the registrations reached almost a zero level in areas like Kanakapura and Devnahalli. And just when the news of new rules was made public, a huge rush was seen for registration of properties. Before the guideline vales could come into effect, objections were requested from several sources, including the State government.
Makaan.com, the fastest growing property portal in India, lists residential properties in Bangalore for sell, rent and buy. The spaces like single rooms, apartments, bungalows, villas, offices, and shops are made available from eminent developers, agents, and owners. Get your properties listed, place ads for them, or specify your exact requirements. Be part of the forums and get advice on property matters. Get fine-tuned results by choosing properties based on different criteria like price, location, age and type.
This blog was really helpful for me and I liked the information given in it. I have seen a similar blog related to this. One of the 5 BHK is . they are the best builders in bhopal. . They into construction business from the past three decades so they have experience and people have trusted over them
ReplyDelete