Mysuru: Property prices across commercial and residential sectors in Mysuru are likely to shoot up from Tuesday, when registration will start based on new guidance value.
Presently, the highest guidance value is close to Rs 10,000 per square foot in commercial areas, and a maximum of Rs 4,000-4,500 in residential areas, while their market value is approximately three to ten times more. This means the price of a square foot area is between Rs 50,000-1 lakh in commercial areas and Rs 4,000-6,000 per square foot in residential areas. This will further go up given that increase in guidance value ranging from 10-35% in Mysuru from Tuesday.
Properties in the central business district of Mysuru, covering Irwin Road, Ashoka Road, and Old Bank Road, and upscale localities like Lakshmipuram, Vijay Nagar, Gokulam, Yadavagiri and Chamarajapuram, will see a rise in prices.
However, stamp duty and registration fees remain unchanged at 5.6% for urban areas and 5.65% in rural areas, plus 1 % registration fee. Guidance value in Mysuru is set to increase between 10% and 35%, according to Mohan Kumar Pandith BM, district registrar, Mysuru. The increase is based on demand in particular areas, he said.
Increase in property price
Mysuru Realtors’ Association past president Adish Sagar informed that an increase in guidance value will lead to increase in property price. Guidance value was revised three years back, and the latest is the highest ever, he claimed, adding that the Central Valuation Committee of the department of stamps and registration revises guidance value at regular intervals.
Effective from Tuesday
Property buyers will now have to fork out small fortunes on real estate, as the government has sharply increased guidance value.
Though it is effective from October 1, it will start from Tuesday, as October 1 and 2 are government holidays.
We also published the following articles recently
Presently, the highest guidance value is close to Rs 10,000 per square foot in commercial areas, and a maximum of Rs 4,000-4,500 in residential areas, while their market value is approximately three to ten times more. This means the price of a square foot area is between Rs 50,000-1 lakh in commercial areas and Rs 4,000-6,000 per square foot in residential areas. This will further go up given that increase in guidance value ranging from 10-35% in Mysuru from Tuesday.
Properties in the central business district of Mysuru, covering Irwin Road, Ashoka Road, and Old Bank Road, and upscale localities like Lakshmipuram, Vijay Nagar, Gokulam, Yadavagiri and Chamarajapuram, will see a rise in prices.
However, stamp duty and registration fees remain unchanged at 5.6% for urban areas and 5.65% in rural areas, plus 1 % registration fee. Guidance value in Mysuru is set to increase between 10% and 35%, according to Mohan Kumar Pandith BM, district registrar, Mysuru. The increase is based on demand in particular areas, he said.
Increase in property price
Mysuru Realtors’ Association past president Adish Sagar informed that an increase in guidance value will lead to increase in property price. Guidance value was revised three years back, and the latest is the highest ever, he claimed, adding that the Central Valuation Committee of the department of stamps and registration revises guidance value at regular intervals.
Effective from Tuesday
Property buyers will now have to fork out small fortunes on real estate, as the government has sharply increased guidance value.
Though it is effective from October 1, it will start from Tuesday, as October 1 and 2 are government holidays.
We also published the following articles recently
Property buyers to feel the heat as Karnataka govt ups guidance value 15-30%
The government of Karnataka in India has officially raised the guidance value of properties by 15-30%, resulting in an increase in property prices. The guidance value determines the calculation of stamp duty and registration fees, which buyers must pay. This increase is expected to boost government revenue and the market value of properties. The revised guidance value will be effective from Sunday, and sub-registrar offices will be functioning until 8 pm to handle the rush of property registrations. Certain areas may see an uptick of up to 50% in the guidance value.
The government of Karnataka in India has officially raised the guidance value of properties by 15-30%, resulting in an increase in property prices. The guidance value determines the calculation of stamp duty and registration fees, which buyers must pay. This increase is expected to boost government revenue and the market value of properties. The revised guidance value will be effective from Sunday, and sub-registrar offices will be functioning until 8 pm to handle the rush of property registrations. Certain areas may see an uptick of up to 50% in the guidance value.
Land, flat costs head north post guidance value revision in Karnataka
The upward revision of guidance value in Karnataka will lead to a 10%-15% increase in the cost of apartments in major urban centers, including Bengaluru. Villaments will see a 10%-20% rise in cost, while residential plots will experience a 5%-20% increase. Agricultural land will see the biggest increase of 30%. The revision was made to address anomalies in property development and to prevent loss to the state exchequer. The stamps and registration department is currently working to upload the necessary documentation before registrations begin under the new guidance value regime.
The upward revision of guidance value in Karnataka will lead to a 10%-15% increase in the cost of apartments in major urban centers, including Bengaluru. Villaments will see a 10%-20% rise in cost, while residential plots will experience a 5%-20% increase. Agricultural land will see the biggest increase of 30%. The revision was made to address anomalies in property development and to prevent loss to the state exchequer. The stamps and registration department is currently working to upload the necessary documentation before registrations begin under the new guidance value regime.
Guidance value: Mangaluru builders anticipate minimum 15-30% hike
The Karnataka government has increased the guidance value for property prices in Mangaluru, leading to concerns among real estate industry leaders. While the exact amount of the increase is not known, it is expected to be a minimum of 15% to 30% in some areas, and up to 100% in certain areas with low valuation. The increase in guidance value will result in higher registration and stamp duty fees for property buyers. Industry association CREDAI has submitted a memorandum to the government expressing their concerns.
The Karnataka government has increased the guidance value for property prices in Mangaluru, leading to concerns among real estate industry leaders. While the exact amount of the increase is not known, it is expected to be a minimum of 15% to 30% in some areas, and up to 100% in certain areas with low valuation. The increase in guidance value will result in higher registration and stamp duty fees for property buyers. Industry association CREDAI has submitted a memorandum to the government expressing their concerns.
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