The Department of Stamps and Registration is embarking upon the revision of guideline values for the registration of properties across the state and might effect the same by October, 2015.
The revision of Guideline value has been taken up on a yearly basis and it is based on the market values.
The property market in Bangalore is already reeling under pressure of unsold apartments and additional pre launch projects from all and the sundry.
The market is flooded with properties, most of which is either irregular or with `B`ogus katha, or deviation or violation.
Even, the banks, have attached many properties and are trying to sell it through public auction. Most of these properties have deviation, violation, irregularities and title defect. Though, it is always felt that the properties financed by the banks have clear title, the truth is otherwise.
Along with the unsold inventory of properties, increase in the guideline value will affect the sales and the development of this industry.
Apart from the increase in the registration expenses, the buyer and the seller will also have to prepare themselves to `PAY MORE INCOME TAX` in the form of Capital Gain and sufficient accounted money.