Karnataka to slash property guidance value in Bengaluru in Jan 2022

11 Nov 2021 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

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

Infrastructure Transport

30 Oct 2024

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Infrastructure Transport

30 Oct 2024

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Real Estate

30 Oct 2024

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Karnataka to slash property guidance value in Bengaluru in Jan 2022

Railway stations in Prayagraj undergo major passenger facility expansion

Madurai-Thoothukudi broad gauge line works under review

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Opinion Poll

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

Live Results :

Virtual Reality and 3D Property Tours

Smart Home and Building Automation

Blockchain for Property Transactions

Big Data and Predictive Analytics for Market Insights

Augmented Reality for Property Staging and Design

Drone Technology for Aerial Photography and Site Analysis

Latest updates

Railway stations in Prayagraj undergo major passenger facility expansion

Madurai-Thoothukudi broad gauge line works under review

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Vilappilsala mini-township project likely to be scrapped

Jaipur Development Body to expand by 1,000 sq km

State Cabinet approves Hyderabad Metro Rail phase-2 project

Focus on metro networks promoting equitable urban mobility

Delhi Metro awards maintenance contract to Beumer India

Follow us on

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Karnataka to slash property guidance value in Bengaluru in Jan 2022

Railway stations in Prayagraj undergo major passenger facility expansion

Madurai-Thoothukudi broad gauge line works under review

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Opinion Poll

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

Live Results :

Virtual Reality and 3D Property Tours

Smart Home and Building Automation

Blockchain for Property Transactions

Big Data and Predictive Analytics for Market Insights

Augmented Reality for Property Staging and Design

Drone Technology for Aerial Photography and Site Analysis

Latest updates

Follow us on

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address