Karnataka govt cuts property guidance value by 10% for another 3 months

The Karnataka government has decided to slash the property guidance value across the State by 10 per cent for another three months – from April 25 to July 24, said Revenue Minister R Ashoka on Thursday.

The government had reduced the value by 10 per cent for three months from January 1 to March 31 – a move to provide people an opportunity to get registrations done at the earliest.

”We reduced the stamp registration charges during the difficult times of COVID. As we slashed (guidance value) by 10 per cent (since January 1), more registrations have happened. The government has also generated revenue and the public benefited,” he said.

”As there is demand from the people, it has been decided to slash the guidance value for another three months between April 25 and July 24 by 10 per cent. This will be applicable for sale and purchase of all kinds of properties. Orders are being issued in this regard after discussions with Chief Minister Basavaraj Bommai,” he added.

The guidance value is the minimum selling price fixed by the government on property depending on the locality and type of structure.

The Minister had said it is applicable across the State on purchase of property, whether it is a revenue land, site, building or a flat.

It is an offer for those who are buying time with the General Power of Attorney (GPA) and agreements on properties; also for those who are planning for property registrations, he had said.