In a move to boost revenue, the Karnataka Government has reduced the property guidance value across the State by 10% for the next three months, and provided an opportunity for buyers to get registrations done at the earliest.
Speaking to medipersons on January 1, Revenue Minister R. Ashok said the State Government has reduced the guidance value for the purchase of property, whether it is revenue land, site, building, or a flat, by 10%, which would be applicable across Karnataka up to March 31, 2022.
The Minister termed it a ‘New Year’s Day gift to the public’, which would come into effect on January 1, 2022.
“This is an offer for those who are pushing time with a General Power of Attorney (GPA) and agreements on properties. Also, it is for those who are planning for property registration. This will be effective from January 1 to March 31,” the Minister said.
The Minister said the 10% cut in guidance value would also help people who had been impacted by the COVID-19 pandemic for the last 20 months. He urged people who had purchased property to use this opportunity to register the property.
The guidance value is the minimum selling price of a property fixed by the government, depending on the locality and type of structure.
The announcement was made after several rounds of discussions between the Finance and Revenue departments, IGR (inspector-general of registration), and Chief Minister Basavaraj Bommai for the last one month, Mr. Ashok said.
The 10% cut would be applicable across Karnataka for all kinds of property registration, whether it is dry or irrigated land, flat or site. It would be applicable to all and this may have some impact on the revenue to the government but would also benefit common people, Mr. Ashok said.