1. Home
  2. Real Estate
  3. Karnataka to slash property guidance value in Bengaluru in Jan 2022
Karnataka to slash property guidance value in Bengaluru in Jan 2022
Real Estate

Karnataka to slash property guidance value in Bengaluru in Jan 2022

11 Nov 2021 2 Min Read CW Team
The Karnataka government aims to decrease guidance value in parts of Bengaluru and update it across Karnataka in January 2022.

Guidance value is the minimum selling cost of a property set by the government depending on the locality and type of structure. While it is supposed to be updated every year, the government did not revise the prices since January 2019 when they surged in the range of 5% to 25%.

The guidance value is expected to be raised marginally in rural areas where the property costs are low, and purchase activities are surging, and maybe brought down in select localities in Bengaluru city where the costs are observed to be exorbitant.

Ravindra PN, inspector general of registration and commissioner of stamps, told the media that they have begun updating the guidance value after a break of two years. They have urged district registrars to send their reports and recommendations by the end of November. They would fix the rates for all districts, comprising Bengaluru Urban, based on the reports and further deliberations.

Revenue minister R Ashoka had said the government is contemplating an update of guidance value in December, following which the central valuation committee directed by IGR met to start the process of rationalising the guidance value.

Revenue principal secretary Tushar Girinath told the media that the minister asked the IGR to effect guidance value revision, and the rates are being worked out. The new prices will kick in from January 2022.

The importance of the policy is that a downward update of guidance value will reduce property costs. It will have a cascading impact as 5% stamp duty, and 1% registration fee is associated with the guidance value, while property tax and plan sanction fee for structures are additionally based on the guidance value.

Image Source

Also read: Guidance value of properties in Karnataka to be revised
Also read: Karnataka slashes stamp duty on properties in Rs 35-45 lakh range
Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

The Karnataka government aims to decrease guidance value in parts of Bengaluru and update it across Karnataka in January 2022. Guidance value is the minimum selling cost of a property set by the government depending on the locality and type of structure. While it is supposed to be updated every year, the government did not revise the prices since January 2019 when they surged in the range of 5% to 25%. The guidance value is expected to be raised marginally in rural areas where the property costs are low, and purchase activities are surging, and maybe brought down in select localities in Bengaluru city where the costs are observed to be exorbitant. Ravindra PN, inspector general of registration and commissioner of stamps, told the media that they have begun updating the guidance value after a break of two years. They have urged district registrars to send their reports and recommendations by the end of November. They would fix the rates for all districts, comprising Bengaluru Urban, based on the reports and further deliberations. Revenue minister R Ashoka had said the government is contemplating an update of guidance value in December, following which the central valuation committee directed by IGR met to start the process of rationalising the guidance value. Revenue principal secretary Tushar Girinath told the media that the minister asked the IGR to effect guidance value revision, and the rates are being worked out. The new prices will kick in from January 2022. The importance of the policy is that a downward update of guidance value will reduce property costs. It will have a cascading impact as 5% stamp duty, and 1% registration fee is associated with the guidance value, while property tax and plan sanction fee for structures are additionally based on the guidance value. Image Source Also read: Guidance value of properties in Karnataka to be revised Also read: Karnataka slashes stamp duty on properties in Rs 35-45 lakh range

Next Story
Real Estate
10 Jan 2025

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Read More
Next Story
Infrastructure Urban
10 Jan 2025

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Read More
Next Story
Products
10 Jan 2025

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage
Real Estate
10 Jan 2025

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Ensemble Infrastructure India Appoints Suman Saha as Director of Design
ECONOMY & POLICY
10 Jan 2025

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance
Products
10 Jan 2025

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Policybazaar for Business Launches A Digital Revolution in Marine and Transit Insurance
PORTS & SHIPPING
10 Jan 2025

Policybazaar for Business Launches A Digital Revolution in Marine and Transit Insurance

Bengaluru Airport Records 9% Passenger Growth
AVIATION & AIRPORTS
10 Jan 2025

Bengaluru Airport Records 9% Passenger Growth

India's Smart Meter Market on the Rise
POWER & RENEWABLE ENERGY
10 Jan 2025

India's Smart Meter Market on the Rise

JSW Cement Secures Sebi Nod for ?4,000 Cr IPO
Cement
10 Jan 2025

JSW Cement Secures Sebi Nod for ?4,000 Cr IPO

Tata Motors' Global Wholesales Up 1% in Q3
ECONOMY & POLICY
10 Jan 2025

Tata Motors' Global Wholesales Up 1% in Q3

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000