BENGALURU: The city’s new elite address is Cunningham Road, which has beaten five year topper UB Towers as the toniest locality in town. The road was recently given a facelift under the TenderSURE project.
The guidance value of the stretch between Hotel Chandrika and Queen’s Circle on Cunningham Road on Friday touched Rs 24,000 per sqft, with new values coming into effect.
UB Towers on Vittal Mallya Road continues to be the costliest residential property in Bangalore, with the lat est revision putting the price at Rs 22,175 per sqft from Rs 20,000 per sq ft last year, as per the latest books of the government’s stamps and registration department.
Cunningham Road is closely followed by RMV Extension (CV Raman Road), which touched Rs 23,000 per sqft and Sankey Road at Rs 21,000 per sqft. Properties on either sides of Ballari Road, leading to Kempegowda International Airport (KIA), have seen the highest rise following the revision. The stretch from Cauvery Theatre on Sankey Road right up to the airport, has seen a marked increase between 50% and 200%.
According to officials, the rise in property value on Ballari Road was underrated until now, and is emerging as a major commercial stretch with car showrooms, restaurants and condominiums. However, apartments along Ballari Road, towards the northern end of Jakkur aerodrome, have seen a marginal rise ranging between 10% and 30%, probably factoring in the vast number of apartment units along the stretch, costing between Rs 50 lakh and Rs 5 crore.
NV Prasad, inspector-gen eral of registrations and commissioner of stamps, said: “We studied the market potential in these areas and there was a huge difference. We had to fix realistic values in these areas to, at least, come close to the prevailing market value.”
The revised guidance value between Mehkri Circle and Hebbal flyover on Ballari Road has increased from Rs 10,000 per sqft to Rs 15,000 per sqft. Similarly, the stretch between Bagalur Cross and Sadarahalli Gate has increased from Rs 2,200 to Rs 3,500 per sqft.
A source said: “The valuation committee arrived at the property prices based on the average of the highest transactions that happened in the area over the past year. We used the same logic across the state this time. Some sub-registrars’ offices in these areas have registered properties at a much higher value than the government rate, but we still took the average.”
What is guidance value?
Guidance value is the base rate of property that determines stamp duty and registration charge collected by the government in the course of a property transaction. While stamp duty is 5.65% (including cess) of the ready reckoner or market rate, whichever is higher, registration charge is likely to be 1% of the total value of a property, this year onwards.
Credits ET Realty