Coming Sept Property Buyers to Pay more for Registering Plots in Bangalore
In July, the government revised property rates in and around Bangalore after four years. While the department’s bandwidth was an average 30 per cent, it crossed 100 per cent in some areas. Once the rates were notified, calling for objections/suggestions from people, the government felt there was a mismatch between the department’s revised rates and the market values and formed a senior IAS officials’ committee to go over the figures.
Come September, property buyers will have to pay more stamp duty for registering plots, agricultural land and buildings. The Stamps and Registration department which revisited the revised guidance value rates of properties, has put out the final rates which will be implemented from the first week of September. In some areas, the rates have further gone up vis-a-vis the preliminary revision. Now, sub-registrars have been asked to get ready for the new rates.
While the department had fixed the highest guidance value on K G Road — Rs 13,000 per sqft, in the apartment category, UB Towers is priced at Rs 11,000/sqft. Earlier, after the preliminary notification of rates, the department wanted the rollout of new prices in August. Consequently, notwithstanding Aashaada in July, property buyers queued up before sub-registrar’s offices for registration, to avoid paying more.
“We went over the objections and in some areas, the rates have been altered. Even agricultural lands which were priced less than the market value, have been upped. The final rates have been sent to the government press so that books can be printed. The new rates will be implemented from September first week,” a senior officer in the Stamps and Registration department told.
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