BDA Flats Prices Might Get Hike Due to Increase in Guidance Value

The Bangalore Development Authority is increasing the guidance value. The state government's increased revision of the property guidance value in October this year prompted the decision. According to the officials, more than 1,700 flats across 10 distinct projects remain unsold. As there is an increase in guidance value, the villa may cost 10-20 per cent more than the base price by the time they are ready for sale. The official further stated that those interested in purchasing BDA flats should book property within the next 10-15 days to escape the price hike.

As per BDA officials, the proposal has been prompted by the state government's upward revision of property guidance values in October of this year. They mentioned that the upcoming BDA meeting, scheduled for the first or second week of December, will deliberate on the proposal to raise flat prices by approximately 10%. However, BDA commissioner N Jayaram asserted that there is no existing proposal within the agency to increase the prices. 

According to BDA data, flats have been constructed in various locations, including Kommaghatta, Kaniminike, Doddabanahalli, Valagerahalli, Nagarabhavi, and Konadasapura. While more than 50% of the flats in Nagarabhavi have been sold, there has been a lackluster response from the public in Kaniminike, Kommaghatta, and Konadasapura, where over 50% of the units have found no takers.

BDA officials told in a statement that, they built 120 3-BHK flats in Nagarabhavi, with 77 of them being successfully sold. Furthermore, the BDA has constructed a total of 2,276 flats across its projects in Kaniminike, Kommaghatta, and Konadasapura, but only 853 of these have been sold. Additionally, more than 200 flats from three other projects remain unsold.

The fixed base price for a 3-BHK villa is Rs. 75 lakh, and for a 4-BHK, it is Rs. 1.1 crore. Due to an increase in guidance value, the villa may cost 10-20 per cent more than the base price by the time they are ready for sale. BDA has constructed 170 4-BHK and 152 3-BHK villas. Each villa comprises various amenities, including an overhead tank, water sump, parking facility and lawn.

They have constructed 322 posh villas at Hunnigere village near Dasanapura, north Bengaluru, which will be ready to be sold from January.  The project will be built on 31 acres of land, the villa project started in 2018 for Rs. 271 crore.