Effective from 1st October 2023, new guidance values are applicable for Bangalore property registration. Download the latest guidance value in Bangalore 2023.
Guidance value is nothing but the price of the property as per local Government. For example, the Government of Karnataka declares the Guidance Value for Bangalore. You can’t register the property below this price. I will try to explain the same from the below image.
In guidance value, there are two types.
# Land Value– This value is only for lands not for any constructed properties. Hence an open site value is measured as land value.
# Composite Value– This value is for the constructed properties which includes both land value as well as the value of buildings.
You noticed that for Property B, the market price is Rs.8,000 per Sq Ft. But the Government Guidance Value is Rs.4,000 per Sq Ft. You can register the property at the rate anywhere between Rs.4,000 to Rs.8,000.
In the case of Property A, the market price is Rs.2,000 per Sq Ft. But the Government Guidance Value is Rs.4,000. Hence, you are not allowed to register the property below the Government Guidance Value.
It clarifies that you are no longer allowed to register your property below the price of Government Guidance Value. However, you are free to register at any price that is above the Government Guidance Value.
Hope you now have an idea about Guidance Value.
For the Government, the major revenue source is property registration. By raising the guidance value, the Government expects higher revenue. Therefore, once in 3-4 years usually there will be an increase in guidance value.
Let us say Property XYZ is currently selling at Rs.4,000 Sq. Ft. and the Government Guidance Value is Rs.3,000. Then there is a sudden jump in Government Guidance Value from Rs.3,000 to Rs.4,500. In such a situation, the property owner of XYZ will definitely not be willing to sell his property for less than Rs.4,5000. Because he knows the Government itself fixed the price at Rs.4,500 then why does he want to lose by selling it less than the Guidance Value?
In this way, whenever there is a revision in Government Guidance Value, the price of real estate will jump. It is not the affordability of the buyer. But the price, below which no one is ready to sell. Hence, with a revision in Guidance Value, those who are in the real estate business will feel happy. However, the buyers feel sad as the price of real estate will automatically rise.
As I mentioned above, effective from 1st October 2023, the new guidelines were announced by the Government Of Karnataka to increase its revenue and boost the price of real estate. We all know whom it benefits 🙂 I don’t want to argue on that aspect of politics.
In Bangalore, there are six district registration offices are there. They are Gandhinagar, Jayanagar, Basavanagudi, Rajajinagar, Shivajinagar and Bengaluru Rural.
Accordingly, the prices are fixed based on the area.
a) Latest Guidance Value Bangalore 2023 – Download PDF Gandhinagar
b) Latest Guidance Value Bangalore 2023 – Download PDF Jayanagar
c) Latest Guidance Value Bangalore 2023 – Download PDF Basavanagudi
d) Latest Guidance Value Bangalore 2023 – Download PDF Rajajinagar
e) Latest Guidance Value Bangalore 2023 – Download PDF Shivajinagar
f) Latest Guidance Value Bangalore 2023 – Download PDF Bangalore Rural
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