Property prices in Bengaluru jump by 10-20%

Apartment costs in Bengaluru have jumped by 10-20 percent, with the outskirts witnessing the maximum hike, after the increase in guidance value by the state government on October 1.

Guidance value is the minimum value at which the sale of a property can be registered with the state government. It is known as circle rate in some states.

Local brokers in Bengaluru say suburban areas like Yelahanka, Electronic City and KR Puram are witnessing maximum hike in apartment prices.

On October 1, the state government revised the guidance value by 20-30 percent in the state. On an average, the increase will be 20-30 percent. Depending on the area, it may go up to 50 percent in dense IT corridors, Revenue Minister Krishna Byre Gowda had said.

Currently, an apartment in Yelahanka in the north is priced at Rs 11,500 per sq ft from Rs 7,000 per sq ft before. Electronic City in the south is selling at Rs 10,000 per sq ft from Rs 7,000 per sq ft before. And in KR Puram, apartment costs have jumped by Rs 500-1000 per sq ft from Rs 5,500 per sq ft.

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Property prices in Bengaluru jump by 10-20%