Govt to revise guidance value of properties

The prices of immovable properties is set to go up soon in the state. The state government has decided to revise the guidance value (government value) of properties, including those in Bengaluru, from September this year.

The Stamps and Registration department has initiated the process of revising the guidance value. An upward revision of up to 20% is expected across the state. The department has recently directed office of all district registrars to submit a proposal in this regard. The department is likely to issue a draft notification in a week’s time. Public will be given 15 days time to file objections and suggestions, if any, the officials said.

The guidance value was last revised in 2016. "There has been increase in market value (value at which sale transactions are done) of properties in the past two years. So the guidance value has to be revised,” official sources in the department pointed out.

The guidance value is the base price on which property transactions have to be done. Once it is increased, the property buyers will have to shell out more towards stamp duty and the registration fee. This will, inturn, ensure increase the revenue to the state government.