Bangalore, Jul 21 (IANS): The Karnataka stamps and registration department has proposed a sharp increase ranging from 40-80 percent in the guideline value of properties across Bangalore, a senior official said Sunday.

"We have revised the guideline value of residential and commercial properties across the city and posted the details on our website (www.karunadu.gov.in/karigr) late Saturday to invite suggestions or objections within next 15 days from citizens," the official told IANS here.

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," the official said.

Guideline Value of a land is the value of the land as determined by the government, based on its own metrics of facilities and infrastructure growth in that locality. The stamp duty and registration charges for registering a property deal are based upon this Guideline Value. The Guideline Values are revised periodically to have them in sync with the Market Value.

In the city's central business district, spread across M.G. Road, Brigade Road, Kasturba Road, Infantry Road, Commercial Street and Church Street, the guideline value has been increased to Rs.15,200 per square foot (sq ft) from Rs.10,000 per sq ft two years ago.

Similarly, in posh suburbs such as Jayanagar, Indiranagar, Koramangla, Malleshwaram, Rajajinagar, Basavangudi, Gandhinagar, R.T. Nagar, the state's guideline value has been revised to Rs.7,000-9,000 per sq ft from Rs.4,200-6,500 per sq ft.

"In some areas, including localities that came under the BBMP (Bruhat Bangalore Mahanagara Palike) fold following the extension of the city limits by 50 km around, the guideline value has been reduced as transactions (sale and purchase) of properties have not been high warranting upward revision," the official clarified.

Residential and commercial properties across northwest suburbs towards the Bangalore international airport at Devanahalli, about 40 km from the city, and southwest suburbs towards Mysore witnessed more transactions during the last two-three years than in eastern and western suburbs due to rising demand for independent houses, flats and villas in gated communities and commercial complexes for shops, malls and private offices.

"Duplex house and villas in gated communities have been brought under the new system with a guideline value ranging from Rs.500 per square foot to Rs.10,000 sq ft in south-eastern areas of the city," the official added.

The new guideline value for vacant or farm lands on the city's outskirts will be between Rs.7 crore and Rs.9.9 crore per acre.