Govt Rate for UB Towers flats a Sharp Decline of 200 per cent
The selling rate of apartments at UB Towers is Rs 30,000 to Rs 33,000 a sq ft. But the guidance value, released recently by the government’s stamps and registration department, puts the revised rate at Rs 10,000 to Rs 11,000 per sq ft. This shows that there is a sharp decline of whopping 200 per cent.
The sharp decline in valuation of the city’s uber address is an illusion — the yawning gap between reality and government prices. The government department’s logic is it has deliberately kept the prices low to discourage wanton speculation in the open market.
The 19-storey UB Towers, a part of the sprawling UB City complex, is one of the premium segment property in Bangalore. This property has been priced the highest in the apartment segment of the recently-revised guidance value.
Properties registered by UB in the same complex in recent months have declared up to Rs 19 crore per document.
For the record, the department has fixed Rs 10,000/sq ft for mosaic/vitrified/ceramic flooring, and Rs 11,000/sq ft for marble/granite flooring. The revised land value on Vittal Mallya Road, earlier called Grant Road, is Rs 7,500/sq ft. Other apartments on this stretch — Garden, Rajanigandha, Pooja, Surya — have been priced at Rs 5,700/sq ft and Rs 5,800/sq ft for mosaic and marble flooring respectively.
Though the government rate is Rs 10,000/sq ft-Rs 11,000/sq ft which is a residential price, an additional 30% will be added since the property is a part of a high-end mall. As a rule, malls are priced 30% over the residential prices, and commercial land costs 40% more. Which means, officially the stamp duty will be calculated on Rs 14,300/sq ft for UB Towers.
However, the realty sector is cagey when it comes to UB Towers. “We do not want to disclose the prices at which properties in UB Towers were sold. It is a sensitive issue,” said the managing director of real estate house operating out of MG Road.
Bangalore Mirror
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