With the steep increase in the property taxes, the rents might also go up. As an added burden, the BWSSB has increased the pro-rata charges levied on the upcoming apartments.
Coupled with the New Property Registration Guidance value, increased BWSSB pro-rata charges and the revised property taxes, it is expected that the property prices might go up by 5% but, due to the slow down in the sale of the apartments, the price may not rise all of a sudden. The builders/sellers have to absorb this burden and cannot pass it on to the buyers. This additional burden is only for the NEW AND UPCOMING PROJECTS.
The revised guidance value may be effected soon for the registration of properties across Bangalore Urban and Rural districts.