10% rebate on guidance value: No official order yet

Three weeks have passed since Revenue Minister R Ashoka announced the extension of 10% rebate on guidance value for all property transactions, but the government is yet to issue an order in this regard.

Public pressure is mounting on sub-registrar offices across Bengaluru with citizens waiting for the rebate to kick in.

On July 25, Ashoka announced that the 10% rebate would be extended for another three months. It was in place between April 25 and July 24.

Speaking to DH, a sub-registrar from Bengaluru South said, “Property registration has come down in the last few weeks and citizens visiting our office are checking if the extension has been done.”

According to sub-registrars, many people are waiting for the extension order to get their properties registered as it will save them some amount.

“For example, registration of a 1,200 sqft property at Halagevaderahalli in Rajarajeshwari Nagar would cost Rs 3,32,607, including stamp duty. With the 10% rebate, the same would cost Rs 2,97,000,” a Revenue Department official explained.

It can be recalled that the rebate was first provided from January 1 to March 31 this year to boost property registration in the post-pandemic scenario. The government claimed that the rebate was a success, leading to increased revenues.

Principal Secretary (Revenue) S R Umashankar admitted that property registration had seen a dip as people are waiting for the 10% rebate. “The proposal is pending with the Finance Department,” he said. “The chief minister, too, has agreed to extend the 10% rebate for three more months. Once it gets cleared by the finance department, an official order to extend the rebate facility for three months will be issued,” he said.

Chief Minister Basavaraj Bommai has fixed Rs 15,000 crore as the revenue collection target for the Stamps and Registration Department for 2022-23.