IN JUST A YEAR HEBBAL LAND VALUE INCREASES BY MORE THAN 20 %.

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If you cross Hebbal and go through the NH7 you will witness acres of land being farmed or not farmed but it will seem like farmlands. No wonder one may feel that when Bangalore is prospering at such a meteoric rate why such farmlands are kept empty and barren when no agricultural outputs are reaped from the land. The truth is that these land stretches are the gold mines of the city being kept by the owners only to reap the escalating benefits of returns which is being happening at a never before pace. In a year’s time the value of these land stretches have increased more than 20 percent. In a second sale a property or a land stretch near Jola Hobli near to NH 7 witnessed a price rise of 200 percent in the second sale within 11 months. Such is the rate of price increment of land in the area opines the department of land registration. Last year, opines official sources a land was transacted  at about Rs. 1500 per sq. ft. while on the second sale the same land went up to Rs. 4200 per sq. ft. There were events like these and the department officials took note of these events but did not ballpark these events for the revision of the values of the land especially in determining the guidance value of the land in the area. But even then the land department officials remark that stray incidents like these must have been instrumental in escalating the value of the land in the area.

The department of land registration notes that Hebbal being one of the prime entry points of the city of Bengaluru the converted land stretches in these areas adjacent to Hebbal touched a whooping Rs. 10.6 to Rs. 11 crores per acre during the end of the last calendar year. Bhoopasandra and Nagashettyhalli registered an increment of prices in the range of Rs. 6 crore to Rs. 7 crores per acre. Kacharakanahalli Ring Road falls under the bracket of Rs. 10 crore per acre. Places on the rise in the land prices include areas like Hennur, Vishwanatha, Nagenahalli, Nagawara Ring Road, Guddadahalli, Yelahanka and Devanahalli. In these areas the IT belt also falls as the areas and places like Kundalahalli and Doddanekundi which has registered a mark of Rs. 9.5 crore per acre. The department officials note that all these areas have noted an increment of 20 percent rise in the land prices in the last calendar year.

The officials of the department of land registration took note of the transactions and their values in these areas in arriving at the percentage increase.  Just about eleven months ago the farmlands along Hebbal and the Outer Ring Road (ORR) under the ambit of Shivajinagar district registrar’s office (in the vicinity of ORR and the National Highway) were priced in the range of Rs. 8 to 10 crores per acre of land according to the sub-registrar’s records.  The highest benchmark reached in the sub-registrar’s office was Rs. 12 crore per acre of land in these areas. The department has revised the guidance value in accordance with the market values and the transaction values prevailing in the market. The department officials remarked that they have tracked the transaction values and in comparison with the prices at the land department, they have arrived at the average values of the land.