Devanahalli land paved with gold

Devanahalli land paved with gold
The Times of India

Devanahalli (Bangalore rural): Two years ago, a plot in and around Devanahalli was to be scoffed at — investing in a small town was infra dig and just not lucrative. But today, developers are lapping up land along the highway and beyond, the real estate market is abuzz and prices have zoomed far beyond the imagination.

Courtesy, the proposed Bangalore International Airport which is showing clear signs of taking off.

Development is brisk, in tandem with six-laning of the road. Boards advertising ‘Lands available in Devanahalli’, ‘Land for sale’ are all over. Those who have purchased land touching the highway have fenced their properties.

In Devanahalli town, at the subregistrar’s office, registrations have gone up over the last one month. The office collected stamp duty of Rs 1.6 crore in December, despite the Inspector-General of Registration revising the guideline value 20 days ago.

Prices of land both along the highway and in interior villages are upwardly mobile. An acre, quoted at Rs 3 lakh a year ago now fetches Rs 25 lakh. Villagers whose lands have not been acquired by Bangalore International Airport Limited want to sell, and sell high.

Muniappa, a ragi farmer of Doddasonne village, owns 2.5 acres bordering the proposed airport. He is eager to sell for Rs 10 lakh per acre. “Earlier, nobody was prepared to pay even Rs 1 lakh. Now, our land is reaping gold,” Muniappa said.

According to L. Shashikumar, a realtor, land is being purchased in bulk to form layouts, build commercial complexes and resorts.

UP AND UP

Government value of lands touching the highway: Rs 15 lakh per acre; but market rate: Rs 80 lakh per acre.
In Doddasonne village, a year back cost of 1 acre: Rs 1 lakh; now, Rs 10 lakh.
In Chikkasonne village, price of 1 acre has shot up from Rs 5 lakh to Rs 40 lakh.