The Karnataka government has proposed a sharp increase ranging from 40-80 per cent in the guideline value of properties across Bengaluru. The State Stamps and Registration Department has proposed the hike. It ha revised the guideline value of residential and commercial properties across the city and posted the details on its website www.karunadu.gov.in/karigr on July 20 to invite suggestions or objections within next 15 days from citizens. With this, it is expected that prices of properties in Bangalore is are going to rise up further.    

The fresh guideline value will also be applicable to apartments and gated communities that have mushroomed in and around the city due to shortage of vacant sites in private or State-owned lands.    

With demand for scarce vacant sites in residential and commercial areas growing due to influx of people from other parts of the state and country and rising aspirations of the local citizens to own a house or flat, the market value of all properties has shot up astronomically forcing the government to increase the guideline value, which was last revised in September 2011, officials concerned said.