The difference between market value and the guideline value(official price of land) in some areas of Bangalore is more than 100%. The last time the government increased the guidance value in Bangalore was in September 2011. In view of this huge difference,the government has decided to revise the guidance value annually, starting this year. The guidance value for all properties in Bangalore is expected to increase by 40%. The revenue flow will be used to fund the government's schemes. This system is already established in Pune and is now being adopted in Bangalore also.
A land evaluation committee will be set up for this purpose. This committee will advise the government on the guideline value revision every year. The members of this committee will be from revenue survey and settlement department, town panchayats, and municipal councils. The locals will also be involved in estimating the market value of properties. This committee will form a statement showing the average rates for agricultural land and residential sites.
The revised guideline rates for this year have been published and will become effective within the next month. The guideline value has been increased by about 30% in 25 districts. The land values in the rest of the districts across Karnataka are supposed to be revised within the next three months.
The provisional guideline value can be found on the official website of Karnataka Department of stamps or can be downloaded from this link. The document is in Kannda and if you don't know how to read it, you may refer to the translation provided below for some of the most common areas.
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