PROPERTY REGISTRATION VALUE MIGHT GO UP BY 10% TO 30% IN KARNATAKA


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.

REVISION OF GUIDELINE VALUES FOR REGISTRATION IS PUT OFF BY FEW DAYS


IT IS LEARNT THAT THE REVENUE MINISTER HAS DIRECTED THE IG TO PUT ON HOLD THE REVISION OF GUIDANCE VALUE IN BANGALORE URBAN AND RURAL DISTRICTS BY FEW DAYS DUE TO COMPLAINTS.

THE REVISED GUIDANCE VALUES ANNOUNCED MAY BE RE-REVISED AS PER THE MARKET CONDITIONS AND WILL BE EFFECTIVE IN COUPLE OF DAYS AND THE MEETING IS SCHEDULED ON WEDNESDAY TO CHALK OUT THE CRITERIA.

PROPERTY MARKET VALUE FOR REGISTRATION MAY BE REVISED – GUIDELINE VALUE UP


THE GOVERNMENT MAY REVISE THE MARKET VALUE OR GUIDANCE VALUE FOR THE PROPERTIES IN BANGALORE AND THE FINAL LIST MAY BE PUBLISHED BY AUGUST, 2014.  IT IS EXPECTED THAT THE REVISED VALUES WILL BE IN LINE WITH THE ACTUAL MARKET VALUE OF THE PROPERTIES.