Bengaluru: In the encouragement to the real estate sector and assistance for home buyers, the Karnataka government on Saturday decided to cut the property guidance value of 10% over three months effective January 1.
Guide value is the basic price set by the government.
And property registration cannot go under the threshold.
Karnataka collects tasks of 5.65%, including CESS and additional costs, at the transaction value and 1% registration fee at the Guide value.
Guide value cuts New Year’s Prize: Minister R Ashoka announces concessions, calling it a prize for the people of Karnataka in the new year.
He urged the public to take advantage of the opportunity and get their property listed earlierly.
Ashoka said this has become a long demand and announcement has been carried out after several revocation rounds between the Ministry of Finance and Income, IGR (Inspector-General of Registration) and the Chairman of the Bubavaraj Minister Bommai for the past month.
“This is an offer for those who are time to wait with the general strength of lawyers (GPAs) and agreements on property.
Also, for those who plan property registration.
With this step, we may have some impact on our income, but it will benefit the people Ordinary, “added the IGT official said this step will help in giving encouragement for home and economic sales amid Covid-19 cases.
They said the AAP government in Delhi was the first to announce a similar size last year and help revive the real estate sector exposed to a pandemic.
Against the expectations of many people, the state decided to offer 10% discount for only three months.
“Housing sales see good recovery over the past six months supported by cutting stamp tasks, low loan interest rates and interesting schemes offered by developers.
Even though we appreciate the government’s decision, the pieces should have been offered for at least one year because they will help maintain sales momentum, “said the real estate developer.
With the second wave which affects the economic recovery and the third wave looks at the country in the face, real estate observer says this sector requires support Sustainable from the government and they can be encouraged to extend another three-month offer.