Karnataka plans to extend 10% cut in property guidance value for another three months

Bengaluru

Buoyed by the increase in revenue, the Karnataka Government is mulling over extending the offer of 10% slash in the guidance value for registration of properties across the State for another three months, till June 30, 2022.

On January 1, 2022, the Government first announced a reduction in the guidance value for registration of properties for three months — untill March 31, 2022.

Revenue Minister R. Ashok on Friday said that the Government was considering extending the 10% cut in guidance value for registration of properties for three more months in a move to boost revenue generation of the Stamps and Registration Department.

Mr. Ashok told reporters here, “There is a demand even today to extend the 10% reduction in guidance value, which ended on March 31, by three months”.

During 2021-22, the Government slashed 10% of the guidance value for registration of properties for the benefit of the public during the pandemic. “Guidance values were slashed with an objective to help people and there was good response across the State,” he said.

“We were able to generate ₹1,300 crore more than the target of ₹12,000 crore set for the (Stamps and Registration) Department in 2021-22 owing to a cut in the guidance value,” Mr. Ashok said.

The Government was taking the proposal in good intention. “I will talk to Chief Minister Basavaraj Bommai and take a call on reducing the guidance value for three more months,” he said.