Since ages the real estate has been a main source of earning for the authorities. At various points of time it is a proven fact and in the present era also it holds same importance for the government. The major revenue source of government is through property registration. The government has issued a guidance value which helps in evaluating property rates and is applicable during registration of properties. A rise in this guidance value raises the revenue earned by the government during registration of properties. In a span of 3 to 4 years, a raise is implemented on guidance value. There are two types of guidance value:
- Land Value – Land value is the value of an open site or a land where there is not any construction done yet. It is not implemented on any constructed property but only on a plot of land.
- Composite Value – The composite value is implemented on constructed properties. It is evaluated on the value of the building as well as the value of land.
Government land rates in Bangalore are different from the land rates of the real estate market. The government land rates are cheaper than the market rates. Let us assume that if the market rate of a land or property is 4500 per sq. ft than the government land or property rate will be something around 3200 per sq. ft. It may again change from 3200 per sq. ft to 4600 per sq. ft. The owner will choose the best price to sell his or her property. This change takes place when there is a revision in the guidance value of land and property.
The most recent revision in the government guidance value by the Karnataka government was done in this year, 2017. Next, it will be done after 3 or 4 years, that is on 2020 or 2021. The guidance value of Bangalore is divided into zones, A, B, C, D, E and F. Here, any place marked as zone A has the highest government guidance value and keeps on depreciating as we move alphabetically. Zone F has the lowest guidance value.
- Zone A – Marathahalli, Attibele and Kadugodi.
- Zone B – Whitefield, Chandapura, Koramangala.
- Zone C – Whitefield Hope Farm Junction, HSR Layout.
- Zone D – Bellandur, Jakkur and Harlur.
- Zone E – Sarjapur and Gottigere.
- Zone F – Hoskote, Anekal City and Hosur.
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