Real estate prices boom: Thanks to Govt.

Guidance value of immovable property increased by 30% to 60%

Dreaming about buying a property in Belgaum, then be ready to spend a few more bucks as the state government has increased the guidance value of immovable property by a whopping 30%. This is the rate at which you need to pay your registration fees for the property you buy even if you actually get the property in a less rate. As this has been increased you will have to pay by this rate only and the same has become effective from 01-08-2007.

The increase in the land prices will definitely help the sellers gather a few more bucks but the buyers will have to feel the pinch. One more bad news is that now you will have to pay you corporation property tax on the basis of these rates, so be prepared to spend a few more thousands.

Till 30-09-2007 we used to pay by the rates decided in November 2004. Now the increase is about 30% to 60% from the earlier rates.

The funniest thing I observed is that the rates in some specific language speaking areas the rates have been fixed at 234000. These areas include Mal maruti, Anjanneya Nagar, Shiv Basav Nagar, Shri Nagar, Mahantesh Nagar. The fact here is the prices here have risen more than in other parts of the city but the Guidance value has been kept low by the govt. just to please a few I believe.

The rates of a few different areas is given below:

If you had planned to buy some property in Belgaum then think over, if you wait may be next time the rates will be a bit higher again. You can never time a market. But if prices in Govt. Gazette go up so high then its is sure that when you want to buy on ground the real estate prices will be definitely more than what is mentioned above.

Happy tax paying and buying folks…

Information gathered from Sakal, Internet, Real estate agents.