Buying Bangalore property may become costlier with increase in the guidance value for properties
The guidance value of properties in Bangalore hiked. The revision had not taken place in the past four years and difference between guidance value and market value was huge. The government was incurring a huge loss in revenue as guidance value was not on a par with market value. Currently, the guidance value revision is proposed in Bangalore Urban district, Bangalore Rural district, Ramanagaram and Tumkur. The final rates were decided by the Central Valuation Committee (CVC) which comes under the department of stamps & registration.
The average increase will be between 20% to 30% in core areas while it would be over 150% in the newly added areas of BBMP Bangalore where land prices have shot up exponentially. The final rates were decided by the Central Valuation Committee (CVC). The committee was headed by inspector general at this department. CVC included top officials from government departments and representatives from Federation of Karnataka Chambers of Commerce and Industry, NGOs, Karnataka Apartments and Owners Association and Karnataka Land Developers Association.
“With the revision across Bangalore, the hike in guidance value varies from 10% to 200%. The revision had not taken place in the past four years and difference between guidance value and market value was huge. They should be equal,” said B Shivappa, inspector general at the stamps & registration department.
On July 13 and 16, the government issued two gazette notifications on the revised preliminary guidance value based on the proposal submitted by B Shivappa. The guidance value of properties in Bangalore was much below the market value and the revision was required. In the past two years, property sales had declined in the city and the revenue department had also suffered due to this. “Now that property sales have gone up, it’s the right time to revise guidance value,” he added.
The government was incurring a huge loss in revenue as guidance value was not on a par with market value. The state government on Saturday proposed an increase in the guidance value for properties. Copies of the gazette notification of revised guidance value will be available at sub-registrar’s office, district commissioner’s offices, zilla panchayat office and all local bodies.
People can send their objections by August 1, 2011 to:
Secretary,
Central Valuation Committee,
Inspector General at Stamps and Registration Department,
Shimsha Bhavan, Jalamandali Building,
46th Cross, 8th Block, Jayanagar, Bangalore-82
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Here it is mentioned that people can send objections before 1st August. When the guidance value be effective finally? Will it be effective on 1 august itself or some time after that?