Bengaluru: Property Buyers and Sellers may have a reason to cheer in the new year with government planning to reduce the value of the guidance in the Bengaluru and revise throughout Karnataka in January 2022.
The value of the guideline is the minimum selling price of the property set by the government depends on the locality and type of structure .
Although it should be revised every year, the government does not change the numbers since January 2019 when they hiking in the range of 5% to 25%.
Sources say the value of guidance tends to increase slightly in rural areas where low property prices and increased purchasing activities, and can be reduced in certain areas in the city of Bengalaru where prices look exorbitant.
“We have initiated the process of revising the value of the guide after a two-year gap.
We have asked the district registrants to send their reports and recommendations at the end of November.
We will complete rates for all districts, including Bengaluru Urban, based on reports and further deliberation,” said Ravindra PN, Inspector General of Registration and Commissioner Stamps.
The revision of the impairment of the Guideline will have Cascading Effevenue Minister R Ashoka said the government was considering the revision of the guidance value in December, after the Central Assessment Committee led by the IGT to begin the process of rationalizing the value of the guidance.
“The Minister has asked the IGT to influence the revision of the guideline and tariff values.
The importance of the policy is that the revised decrease in the value of the guideline will reduce property prices.
This will have a cascading effect due to 5% stamp duty and 1% registration fee is linked to the guidance value, while the property tax and the cost of sanctioning plans for the structure is also based on the guidance value.
“It has become a long-time demand waiting to cut the guidance value because the unrealistic level has increased property prices in several parts of Bengaluru.
Recently, the government reduced stamp duty to 3% for flats at a price between Rs 35 Lakh and Rs 45 Lakh .
We want to be reduced to 3% for all properties other than the guide value reduction, ” said Bhaskar T Nagendrappa, President, Credai, Bengaluru.
“the reduction in the value of the guide will lead to a reduction in the overall cost of the property, which is welcome,” said Sathish CG, Director, Bangalore Zone, Casagrand