Has the recent revision in guidance value of properties delivered a jolt to the real estate market in Mysuru, which remained sluggish during the last three years?
While the decline in the number of registrations across sub-registrar offices in Mysuru during the last four days since the new rates kicked in has been attributed to Dhanurmasa, a month in the Hindu calendar during which a few people avoid transactions in properties, a section of the realtors in the city took out a march to the District Registrar in protest against the “steep” hike in guidance value.
However, Mysuru District Registrar Vijayalakshmi dismissed allegations of a steep hike in the guidance value – the rates at which buyers have to pay stamp duty to the government for registration of properties. “The hike is in the range of 5 to 25%,” she said.
But, Afroz Khan, who was part of a group of realtors from Rajiv Nagar in Mysuru, who protested the hike in guidance value, alleged that the increase in a few eastern parts of the city, including Rajiv Nagar and adjoining areas, was to the tune of 100%.
“The steep hike will hit the property market hard. Already, transactions have dwindled after demonetisation and introduction of Goods and Services Tax (GST). Such a steep hike will bring the transactions to a virtual halt,” he feared.
Ms. Vijayalakshmi said she was yet to ascertain the allegations.
“Generally, guidance values are fixed on the average rates at which transactions have taken place over the last few years. We are awaiting the printed copy of the revised sub-registrar rates to come from the Government Printing Press,” she said.
Officials in the District Registrar said the printed copy is expected in a week’s time, but the sub-registrars have a photostat copy of the notified rates based on which registrations are taking place.
Ms. Vijaylakshmi said complainants were themselves to be blamed if the guidance value had been hiked steeply as they had failed to file objections to the proposal when they were given time.
“They had been given time to file objections to the revised sub-registrar rates, but they did not. They are objecting now,” she alleged.
Property transactions
Ms. Vijayalakshmi said the number of property transactions may have come down marginally since January 1 when the new rates were introduced. “Generally, the number of registrations are poor during Dhanurmasa,” she said, hoping it would pick up in the coming days.
