The revised guidance values show that some of the old roads of the city are popular with the business class as property rates have seen an upward movement there.
Property on Kempe Gowda Road in the Majestic area is the costliest in the city with the guidance value fixed at Rs. 13,000 per sq. ft while those on Commercial Street have been valued at Rs. 11,000. When the last revision took place in 2007, property on both these roads had been valued at Rs. 10,000 per sq. ft.
Buildings on Raj Bhavan Road are the second costliest at Rs. 12,500 while those on M.G. Road, which in recent days has lost some sheen due to the Namma Metro work, now cost Rs. 10,000 per sq. ft. The rates on Totadappa Road and Tank Bund Road in Majestic area (Rs. 9,600), Seshadri Road (Rs. 9,100), Infantry Road (Rs. 9,000), Kasturba Road and Church Street (Rs. 8,500) are among the highest. Property on Dhanvantri Road in Majestic, Vittal Mallya Road, Avenue Road and B.V.K. Iyengar Road have been valued at over Rs. 7,500 per sq. ft.
The demand for land in the northern and eastern parts of the city has pushed up the prices for agriculture land in these areas. In the light of development taking place along the ring road, the department has hiked values in these areas.
If an acre of land along the outer ring road in Hebbal has been valued at Rs. 6 crore, not to be left behind are Challakere, Beniganahalli, Mahadevapura, Pattandur, Horamavu, Bhairathi, Whitefield, K.R. Puram, B. Narayanapura, Kundalahalli and other areas which have seen a big jump in the valuation. The cost of land ranges between Rs. 2.5 crore and Rs. 5 crore. Property on a service road to the ring road in Kacharakanahalli is valued at Rs. 5 crore while those abutting National Highway 4 in Vijinapura are valued at Rs. 3.9 crore.
“Property along the outer ring road, peripheral road to the international airport and National Highway have seen a big jump. For example, an acre abutting the ring road in Pattandur, which earlier was valued at Rs. 1.2 crore, now costs Rs. 3 crore to Rs. 3.5 crore. An acre in Horamavu adjacent to the peripheral road is valued at Rs. 2.5 crore as against the earlier value of Rs. 1.2 crore,” a Revenue Department official said.
Keywords: guidance values