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Property Prices Likely To Go North From Tomorrow In City | Mysuru News – Times of India

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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.
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