S Kushala & Smitha Rao | Times of India 16, Nov 2006Devanahalli: Here’s Bangalore’s ultimate commercial toast to real estate — an astronomical Rs 7 crore per acre.
That’s the present going rate for acreage at Devanahalli where the international airport is coming up. The flights are yet to take off the tarmac but land value in this hitherto sleepy suburb has touched the skies, thanks to the national highway and the upcoming airport.
Check the shocking difference between government value and market rates. On paper: What is put out officially at the sub-registrar’s office is Rs 40 lakh per acre. Ground reality: The going rate or market value is a dizzying Rs 7 crore per acre.
Explain officials at the Stamps and Registration Department: “Under-valuation of the properties is also increasing as the stamp duty paid is very low compared with the price paid. We are in the process of revising the guidance value in Devanahalli in tandem with the market prices. The draft notification has been issued which has hiked the guidance value by 50% in some prime areas.’’
What was Rs 1 crore per acre five years ago has now sky-rocketed to Rs 7 crore for the lands abutting the highway. Land value started escalating when the land acquisition proceedings began for the Bangalore International Airport. The foundation stone laying ceremony and the subsequent commencement of work pushed the land rates further up. The six-laning of the highway has favourably added to pushing up the land values.
Two years ago, value of the land in villages on the fringes of airport was Rs 80 lakh per acre. What was being quoted at Rs 3 lakh per acre in the interior villages has now touched Rs 2 crore.
At Chikkasonne, a village close to airport, land prices have shot up from Rs 5 lakh per acre to Rs 2.5 crore. At Uganadi, which is close to the highway cutting across Devanahalli, the going rate is anything between Rs 3 crore and Rs 3.5 crore. At Sadahalli, sites are being sold for Rs 3,000 to Rs 4,000 per sqft; further away, it is Rs 1,500 to Rs 1,600 per sqft.
Neglected village lands, now bought by developers, boast of such fancy titles as Airport View, Airport Meadows, Airport Park, Airport Hills.
Here’s to the international airport brand.
Official price Rs 40 lakh per acre
Market value Rs 7 cr per acre
Two years ago Value of the land in villages on the fringes of airport was Rs 80 lakh per acre.
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