Bangalore: The government land guidance values were revised on October 15th and the new gold mine according to the government are RMV extension, Bellary road, Sadashivnagar, and a part of Cunningham road too.
The new property figures have touched Rs 20,000 per sq ft in the books of the government’s Stamps and Registration department that revised guidance values in the city on October 15. These areas have beaten Rajbhavan Road which topped the list last year at Rs 17,500 per sq ft and now stands at Rs 19,250. The Central Business District now lags behind
There are areas that have been tagged on to the main areas and see a hike in prices. For instance, under RMV, CV Raman Road has been added where rates are Rs 20,000 per sq ft. Similarly, the stretch on Cunningham Road from Chandrika Hotel and Balekundri Circle (Queen’s Circle) which currently resembles a war zone, thanks to TenderSure, is priced at Rs 20,000 per sq ft. Further down, Bellary road, till Mehkri Circle, also tops the list at Rs 20,000 per sq ft.
UB Towers on Vittal Mallya road continues to be the costliest residential property in Bangalore, with the latest revision putting the price at Rs20,150 to 20,350 per sq ft, up from Rs 16,750 to 16,950 per sq ft last year.
Areas like RMV from CV Raman Road to Bashyam Circle in Sadashivnagar; Sadashivnagar (a major jump up from Rs 13,000), Upper Palace Orchards (up from Rs 15,000) and Sadashivnagar Sankey Road (up from Rs 16,000) fall in the Rs: 20000 club.
A senior official from the stamps and registration department explains how the “new” areas became toppers. “We studied the market potential in RMV, Sadashivnagar, CV Raman Road, Cunningham road and also looked at the registration rates. There was a huge difference. We had to fix realistic values in these areas, to at least come close to the prevailing market value. Rs20,000 per sq ft is a fair value, considering the growth.”
