The Hyderabad Karnataka Chamber of Commerce and Industry (HKCCI) has taken severe exception to a proposal of the State government to increase the guidance value of the property in Kalaburagi without following set guidelines. In a written objection filed before the Inspector General of Registration and Commissioner of Stamps and Chief Controlling Revenue Authority in Karnataka, HKCCI secretary, Amarnath Patil, pointed out several shortcomings in the proposal to increase the guidance values of the properties in Kalaburagi city.
He said that despite the HKCCI’s request to publish the notification for increasing newspapers inviting objections from the public, so far no such notification has been published in any of the newspapers. “It is not legal to raise the guidance value of property and proposal to raise the same, if any, is fraught with anomalies and needs to be dropped to meet the ends of justice,” Mr. Patil said.
Mr. Patil pointed out that the existing rates of property as per the book value of the sub registrar in Kalaburagi district were more than the market value of the property in Kalaburagi. Due to a lull in the market there were no buyers for the property at the market value, let alone at the guidance value fixed by the government, which is on higher side and not tenable.
He said that the guidance value of property in Kalaburagi was revised twice in July 2013 and December 2014 and there was no justification for the third revision in such a short period.
