When looking at what the Bangalore flats prices are made up of, one thing that becomes important is the guidance value. Before going any further, one needs to know what the guidance value is and what are we looking at in terms of an increase. Guidance value is nothing but the land value that is determined by the government. This is not set in stone, and this doesn’t control the property value for Bangalore flats prices. It is a guidance for the government if they were to buy out the land for government use. For example when metro work was started the houses along the way were bought out, the value of this was based on the guidance value. The stamp charges and registration value is determined based on the guidance value.
The value of the property as determined by the property owners would be different. The reason being they would base the value on the currently running market value around the locality. The market value and the guidance value may not be different too much, however the government does keep revising the value to keep it as close as possible. In Bangalore, the guidance value is revised every two years. The uses of guidance value are as below.
- Registration value of the property is based on the guidance value as set by the government.
- The stamp duty is also based on the guidance value, however in this case if the sale value is higher, then whichever is higher would be considered.
- The guidance value is also determined based on the usage of the land, for example residences would have lesser value than commercial properties. The same case applies to property located on highways.
Let us look at the aspects taken into consideration when setting up the guidance values.
- The first one is the special conditions on valuations. These are cases where the usage of land determines the valuation of the land.
- When the guidance value is set for building aspects like: what kind of building, materials used for construction and the kind of parking is all considered when setting up the guidance value.
- There would be separate charges for the parking as well that gets accounted for.
- Then there are charges based on the floor number on which the flat is located. There would be more charges the higher it goes.
- Special amenities like lift, swimming pool, gym etc. would be charged separately as well. The percentage is low but it would still be charged.
Considering all this the guidance value gets revised every two years at least. All this should be read and understood when looking at the Bangalore flats prices. This would help make a better choice in buying flats.
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