Registration of apartments on small sites, village sites to take a hit

Registration of apartments on small sites, village sites to take a hit

Registration of apartments on small sites, village sites to take a hit

 The decision of the Central Valuation Committee (CVC) of registration to exclude certain category of properties from the list of basic rates (guidance value) has caused hardships for the public.

The committee is all set to issue gazette notification even while not deciding basic price or guidance value of properties in several categories. This means, people will have to visit the CVC office on KG Road to obtain the basic price before visiting the sub-registrar's office for registration of property. This system is expected to be effective from April 1.

“The government decided not to make any revision of the guidance value of properties for 2017-18. The decision was taken by Chief Minister Siddaramaiah at a recent meeting, in view of the decrease in registrations after demonetisation and drought in the state. The instruction was to retain the guidance value of 2016-17,” an official told DH.

A few senior officials in the CVC of the department of stamps and registration have removed the existing basic rates for village/grama thana sites and recent construction of apartments on small dimension sites (40x60, 60x80).

The rates for registration of these properties were fixed in 2016-17 itself and they were gazetted also. Instead of continuing the same, the CVC officials have decided to fix the rates afresh, for each and every property.

“The rates for designated apartments such as those by reputed builders with more than 500-1,000 flats have continued as last year. However, the rates for small apartment complexes built on small dimensions will be decided by the CVC,” the official said. The department is all set to issue a fresh gazette notification without mentioning the basic rates for apartments (non-designated), layouts with dimension of more than 15,000 sq ft and properties in certain other categories. Bhojya Nayak, Deputy Inspector General of Registration of the CVC said the decision was taken to increase the revenue.

“In the case of small apartments, the owner will have to approach the CVC for the basic price. We have left certain columns blank without entering basic price, to determine price keeping in mind several aspects so as to increase revenue. Even last year, the same columns were not filled,” he said. However, the basic price for last year (2016-17) had these columns filled with guidance values.