Karnataka Government's New Year Gift: Reduced Property Guidance Value
Temporary Reduction to Facilitate Quick Registrations
The Karnataka state government has announced a temporary 10% decrease in the property guidance value for state-owned properties, effective for the next three months. This move, termed as a New Year's gift to the public by Revenue Minister R Ashoka, aims to encourage swift registrations of real estate properties across the state.
What is Guidance Value?
- The minimum sale price of real estate as determined by the state government, varying based on location and property type.
Key Aspects of the Announcement
- Applicability: The reduced guidance value applies to all types of property registrations, including:
- Dry and irrigated land
- Subdivisions
- Plots of land
- Buildings and apartments
- Duration: This offer is valid from January 1 to March 31.
- Purpose: Primarily to facilitate those seeking to register their properties quickly, including those in need of a General Power of Attorney (GPA) and real estate agreements.
- Background: The decision follows extensive discussions between the finance and revenue departments, the Inspector-General of Registration (IGR), and the Prime Minister over the last month.
Minister's Quote
'It's a long-standing demand. All types of property registrations will be made throughout the state... It may have some impact on state revenue, but it will also be for the benefit of ordinary people.' - Revenue Minister R Ashoka