It matches guidance value with actual day-to-day market rates
Close on the heels of a the notification of the provisional revision of guidance values of properties in various districts, including Bangalore Urban, the Department of Stamps and Registration is thinking of emulating the Maharashtra model, which matches guidance values with actual market rates through a constant market watch.
Minister for Revenue V. Srinivas Prasad disclosed this in reply to Monappa Bhandari (Bharatiya Janata Party)’s query during Question Hour in the Legislative Council on Wednesday. He said a team of officials were studying the Maharashtra model that has a valuation cell equipped with an intelligence wing. This wing gathers information on market rates of properties daily and accordingly alters the guidance values.
He sought to play down the opposition to the proposed steep increase in guidance value of properties in Bangalore. “Despite the increase, the guidance values do not touch the market rates in Bangalore,” he said, and maintained that the need for the revision had arisen following the huge gap between the two rates. He assured the House that the concerns being expressed by the public would be addressed by the Stamps and Registration Department.
He reiterated that urban areas in 23 districts, including Bangalore, would see an upward revision in guidance values. According to him, the average proposed hike in these districts would be around 30 per cent. However, the average hike in three districts of Bangalore Urban & Rural and Ramanagaram would be about 40 per cent.