No change in guidance value of properties

A substantial drop in the registration of documents since demonetisation of high-value currency notes of Rs 1,000 and Rs 500 coupled with drought in many parts of Karnataka has compelled the state government not to revise the guidance value of properties.

The office of the Inspector General of Stamps and Registration posted the revised guidance value for the next financial year without making many changes.

Member secretary of the deputy inspector general of Stamps and Registration Bhojya Naik told DH that this year, no increase in the guidance value has been effected barring those in new layouts. “This year, the Department of Stamps and Registration has fixed the guidance value of the new apartments which were left untouched previously,” said Naik.

He said there has been a drop in registration by almost 20% since demonetisation in November. “Transactions have come down by almost 20%. There is drought too in the state. Hence, we decided not to increase the guidance value,” he said. Naik, however, clarified that this could be only a temporary measure.

“If the department feels that a change is necessary, we can effect it anytime,” he explained. He said it is difficult to assess the impact of drought but it certainly is plaguing many parts of the state. Hence, no changes have been made in the guidance value.