Government Land Rates In Bangalore 2024

Government Land Rates In Bangalore 2024

Government land rates in Bangalore are called Kaveri Guidance value, which is the registered land value of the specific area. There's no set highest price of a property. This means a property can be sold for any higher amount. The guidance value is also called as circle rate or ready reckoner in different parts of India.

The guidance value is figured out for both pieces of land and buildings. Land parcels are calculated by looking at their size without considering any buildings on them.

Kaveri value is important in deciding the rate of the property. The importance of govt land rates in Bangalore are:

  • Property tax is calculated using the stamp duty. This tax is related to the Kaveri guidance value.
  • The guidance value helps estimate the stamp duty and registration fees for a property.
  • Using the guidance value ensures that the prices of the properties are fair.

The guidance value of land also depends on its type or usage. From Oct 1, 2023, the state has seen a rise in the Kaveri value upto 50%. The hike in 10% of the value will impact the property tax as well. This value is calculated through surveys and evaluation of the property. Certain factors are taken into consideration before calculating the value; these factors are:

  1. The usage of the property and its type - Property can be used for many reasons. These types are commercial, residential, or agricultural.
  2. Area of the property - The rate of land depends on the area it is in. If it is close to IT hubs with good connectivity then its prices are increased.
  3. Close to amenities - If a property is close to social amenities like schools, hospitals, and malls, its price increases.
  4. The urban or rural area - If a land is in an urban area, the prices are set as per that. If it's in a rural area, then the price is low compared to urban areas.
  5. Government policies - The govt plays an important role in deciding the guidance value. The policies made by the govt can adjust the value from time to time.

The BDA is planning to raise the value of its housing units by 10%. In 2024, there might be a rise in property tax as well. The rise in guidance value might impact the sell of housing units of BDA. The Kaveri rates are set in a way not to have much gap between the market value and govt rates.

Buyers should buy land after properly examining the rates in every area. The rates are set to make transactions fair and avoid the flow of black money.

The government land rates in Bangalore 2024 are

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