Guidance Value for plot in JP nagar 7th Phase

[mybdaprop]

Hi can anyone please relpy with the guidance of plot/site in JP nagar 7th phase

[awin]

Govt Guidance Value for BDA/BMRDA plots in JP Nagar 7th Phase is Rs 2400 per sq ft. Now tell us what is the prevailing market value?

[mybdaprop]

I saw one site BBMP A Katha, while entering MS Ramaiah Royal City Road from Kothanur Main road near big bazaar, layout is good with tar road, ugd, many houses constructed on the same road where site is for sale..

Agent quoting the rate as Rs 6000/- per sq ft... i really wonder is it the inflated rate by agent? and agent telling rate is not negotiable and owner need black money on top of the registration value only by cash...

Any way am not an entertainer of black money, as am going to drop it..just wanted to check the guidance value there..

So Guidance value Registration amount 2400 x 1200 Sf ft = 28.8 Lakhs and remaining 43 lakhs cash in black... is not a deal for a salaried professional like me..

[awin]

That's right. Rs 6000 per sq ft is way way overpriced!

A simple yard-stick I tend to use is to add a 20% premium over the Guidance value + compounded inflation (say 10%) over the number of years since the Guidance Value was last revised (Sept 2011).

In this case, the math would work out as:
(2400 + 0.2 * 2400) + (0.1 * (2400 + 0.2 * 2400)) + (0.1 * ((2400 + 0.2 * 2400) + 0.1 * (2400 + 0.2 * 2400)))
= 3494.8 per sq ft.

So it is a maximum of Rs 3500 per sq ft. It would be interesting to see how much the revised guidance value would be (due for announcement by Karnataka Govt on August 1, 2013).

Now, the guidance value is something that is applicable even for the most badly developed layout/vicinity/locality in that area. Depending on the state of the layout, you may add a premium which depends entirely on the condition of the layout. Even if you add a premium to a well developed layout, it should stand within say Rs 4000 per sq ft.

[yashmys]

4000 RS is a bit less for that area. Plots around jambu savri dinne which 3-4 km further from this area are quoting around 4K

[mybdaprop]

I feel the real rate in JP nagar 7th phase is around Rs 3000 to Rs 3500/-, can anyone tell is there any mechanism to lodge complaint against owners who demand publicly black money to Income tax department..

Even educated people are falling pray for this black money racket.. Any site or house owner who quotes higher than guidance value, or refuse to get it registered for market value on agreement paper and ask for black money need to be handed over to law..

I hope there should be a online option to lodge complaint against these junk owners and agents..pls suggest..