The value of a property owned by the wealthy Gupta family in Johannesburg has been raised after an adjustment, the Saturday Star reported.

According to the latest municipal valuation roll the large 4207 square metre Saxonwold property is valued at R10.95 million. The property was also slapped with adjusted billing accounts, backdated to July 2013.

Last year, the value of the property mysteriously dropped to R490,000, lower than the price it was sold for in May 1994, when it was sold for R559,000.

An estate agent told the newspaper that even after the adjustment, the property remained undervalued, given the additions carried out since 2008 when it was evaluated at R7m.

The previous decrease in the municipal value meant the rates would also significantly drop.

The property is one of four adjacent stands bought by brothers Arti, Atul, Chetali, and Rajesh Gupta. The combined value of houses in the Gupta compound is R34,95m, according to the report.