Inspector General of Registration and Commissioner of Stamps Syed Adoni Saleem said on Monday that the department has almost completed the exercise to increase the guidance value of properties in Bangalore Urban, Bangalore Rural and Ramanagara districts.
A preliminary notification is due to be issued in a week's time.
The department had increased the guidance value in September 2011.
Saleem, however, refused to reveal anything about the range of upward revision in guidance value, also called the government value.
An increase in guidance value will trigger increase in property tax, excluding in BBMP areas, and rental value.
Bangalore Urban and Bangalore Rural districts contribute about 70 per cent of the total revenue of the department as land transactions in these two districts are high.
The department has already increased the guidance value in other districts. The government has decided to revise the guidance value every year.
Circular withdrawn
According to Saleem, the department had recently issued a set of new guidelines which are to be followed in order to revise the guidance value of properties, including commercial, plantation and horticultural lands, besides residential and commercial properties. But, it was soon withdrawn.
“Now, instructions have been issued to all districts to follow old guidelines to undertake the process of revising the guidance value,” Saleem explained.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks