The new value will come into effect in August
The guidance value of properties across the State is set to go up in the next two months as the Department of Stamps and Registration is undertaking an exercise to revise it.
The last time the department increased the guidance value of properties in Bangalore was in September 2011. The guidance value in other districts was revised later.
Inspector-General of Registration and Commissioner of Stamps Syed Adoni Saleem told The Hindu that the department was trying to rationalise the guidance value and that it would be much closer to the market value of the properties. “Work is currently under way in all districts, including Bangalore. The new guidance value will come into effect from August,” he said.
According to him, the guidance value has to be revised every year, and that they are seriously implementing it. A team of officials recently visited Pune in Maharashtra to study their system of arriving at the guidance value.
“'In Pune, the town planning authorities are also involved in the process, which is working well for the last 20 years. We are trying to rationalise our guidance value system using a similar process,”' he added.
Mr. Saleem, however, refused to comment on the range of the upward revision that was being taken up.
“The values are region and area specific that we will not be able to comment at this juncture.”'
He said that the department, which collected Rs. 5,260 crore during 2012-13 had been given a target of Rs. 6,100 crore this year.
“About 60 per cent to 70 per cent of the department revenue normally comes from Bangalore.”'
Sources in the department said the target would be achievable with the revision of the guidance value. During the revision some specific areas where guidance value was already higher than the market value could also be rationalised. Such areas are very small in number, sources added.
Officials from State visit Pune to study their system of arriving at the guidance value Department of Stamps and Registration given a revenue target of Rs. 6,100 crore this year
Officials from State visit Pune to study their system of arriving at the guidance value
Department of Stamps and Registration given a revenue target of Rs. 6,100 crore this year