BENGALURU: In a major relief to homebuyers, the state government has decided not to hike guidance value of properties across Karnataka until 2021. The guidance value of properties was revised by 5% to 25% in January last year.Guidance value — the base price of properties in a particular area, fixed by the government — is the minimum amount at which the sale or transfer of properties takes place. Property registrations cannot be done for an amount lower than the guidance value, and therefore, is a major revenue source for the state.A senior official said the government decided against hiking the guidance value after going through real estate surveys. “We have decided to hike the values only once in two or three years,” said K V Trilok Chandra, inspector general of registrations (IGR) and commissioner of stamps.The government had earlier formed a Central Valuation Committee (CVC) to revise the guidance value annually. The committee meets in November and ensures that the new guidance value comes into force from January 1. “We have been doing good on revenue collection,” Chandra added.Developers welcome govt’s decision, but seek value cutThough real estate insiders believe that the decision comes in the wake of the slump… Read full this story
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