Karnataka plans to extend 10% reduction in property guidance value for 3 months

Guidance values were slashed with an objective to help people and there was good response across the state

Buoyed by the success of a 10% discount in the guidance value of properties, Revenue Minister R Ashoka said on Friday that the government is mulling extending the facility for three more months.

Guidance value for registration of properties was slashed by 10% for a three-month period from January 1 to March 31, in a bid to boost revenue generation of the Stamps and Registration Department.

“There is a demand even today to extend the 10% reduction in guidance value which ended March 31 by three months,” Ashoka said.

Guidance values were slashed with an objective to help people and there was a good response across the state. “We were able to generate Rs 1,300 crore more than the target of Rs 12,000 crore set for the (Stamps and Registration) Department,” Ashoka said.

The government is taking the proposal in good spirit. “I will talk to Chief Minister Basavaraj Bommai and take a call on reducing guidance value for an additional three months,” he said, adding that the department will issue an order as soon as possible.

In the 2021-22 budget, Karnataka had set a target of Rs 12,665 crore for the Stamps and Registration Department. For 2022-23, the target set is Rs 15,000 crore.

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