The Department of Stamps and Registration will issue a final notification in about a week’s time hiking guidance value for immovable properties in Bengaluru by an average 10-30%.
“We had a final meeting with respect to Bengaluru, Bengaluru Rural and Ramanagara districts. Final notification will be issued in one week,” Inspector-General of Registration and Commissioner of Stamps K V Thrilok Chandra said.
Guidance value is the base price on which property transactions have to take place. Once it is increased, property buyers will have to shell out more towards stamp duty and registration fee. This will, in turn, increase the government’s revenue.
The department had proposed upward revision of guidance value of over 20% in some prime localities of Bengaluru.
The department will issue a final notification revising the guidance value in other districts of the state, except Kodagu. “The decision on Kodagu has been deferred by at least a few months because of the recent floods,” Chandra said.
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