K'taka govt likely to continue 10% cut on property guidance value for another 3 months

Karnataka Revenue Minister R Ashoka on Friday indicated that the state government is likely to extend the 10 per cent cut on property guidance values in the state for a period of another three months, following demand from people across sectors.

The Minister said he was “positively considering” in this regard, and will take a decision after consulting Chief Minister Basavaraj Bommai.

“I had earlier slashed the property guidance value by 10 percent for three months….it was for the benefit of the people, there has been good response to it from across the state. We have been able to generate Rs 1,300 crore more revenue than the set target of Rs 12,000 crore,” Ashoka said.

Speaking to reporters here, he said, there has been demand from people across sections to extend it for another three months, and that he was positively considering it in good faith.

“The three months have ended on March 31, there has been demand to extend it for another three months. I’m considering it in good faith. I will discuss it with the Chief Minister, as people have liked this reform, and I will issue an order after consulting the CM,” he added.

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

The state government on January one slashed the property guidance value across the state by 10 per cent for a period of three months in a move aimed at providing an opportunity for people to get registrations done at the earliest.

Ashoka had then said, it is applicable across the state on purchase of property, whether it is a revenue land, site, building or a flat.

This 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.