The draft of the new proposed guidance value in Bengaluru shows that properties in outer zones and along metro corridors even within the core city have seen big hikes.
For instance, a square metre (sqm) of land on some stretches of Bannerghatta Main Road, which will soon have metro connectivity, has seen a jump of nearly 50%. Similar is the case with Outer Ring Road, K.R. Puram and International Airport Road, which will be connected by the metro soon. A senior officer in the Department of Stamps and Registration said that in most properties along metro corridors, especially upcoming corridors, guidance value has shot up by an average of 30%, and this was only a reflection of the market value of these properties.
Meanwhile, not just for residential plots and apartments, but even for commercial spaces, guidance value has registered a big jump in outer zones than in the core city. “The value of the property may still be a bit lower compared to premium locations in the Central Business District. But the rate of increase of the value of these properties has long overtaken the core city in the market. Guidance value is only playing catch up,” a senior official said. In most outer zones, guidance value has jumped in the range of 25-50%, the draft shows. This can be seen in Whitefield, Sarjapur, Electronics City, K.R. Puram, and other areas. For instance, the guidance value of properties on Whitefield Main Road has been hiked by over 50%.
As outer zones are buzzing with activity and have become the most happening places in the city’s real estate map, property values in the core city seem to have almost stagnated with little appreciation. The guidance value of UB Towers, one of the costliest real estate spaces in the city, has been hiked by only 5%, even as the guidance value for Lavelle Road and MG Road has been hiked by 15%.
However, the guidance value of properties - both residential and commercial - has seen a big jump in Indiranagar, where the CBD now seems to have expanded. Guidance value of commercial properties on Indiranagar 100 feet Road and residential properties in Defence Colony has been hiked by around 30%.
