Realty rates begin to rise

BANGALORE: Though a revision in land guidance values is yet to take effect, property prices have already started moving up in some areas. According to real estate dealers, many areas in Mahadevpura, RR Nagar and Sarjapur are already seeing an abnormal increase. "What was Rs 200-300 per sqft in Sarjapur area in 2000, is now Rs 4,000 per sqft. Even in 2007, it was only Rs 1,000-1,500 per sqft,'' said one agent.Many areas of North Bangalore have also seen an abnormal spikein prices since 2007, when the guidance value revision triggered a 100-400% risein upmarket areas, though the outskirts were barely developed. FORTHE RECORD The revision in 2007 had increased property ratesmanifold. Residential sites went up by 50%, commercial properties by 60% andindustrial estates by 25%. Flats with roofed car parking facilities had to shellout an additional Rs 70,000 while those without roofs paid Rs 50,000. Thejustification given was the unprecedented growth in IT City and a proportionateincrease in land value.