Legally the guidance value should be annually revised and it will happen this time, stated the Inspector General of Registration. The property guidance value revision decision would be taken after inputs given by the office or sub-registrar, CREDAI members, and also the public.
The Stamps and Registration Department will be revising the property guidance value in Karnataka. Though earlier it was contemplated that due to demonetisation the revision may be cancelled, but the department is going with its plan.
This is the first time when the department will be rationalising or correcting the property guidance value revision, though it is not yet clear whether it would be upward or downward.
According to a Deccan Chronicle report, Inspector General of Registration (IGR), Manoj Kumar Meena disclosed that legally the guidance value should be annually revised and it will happen this time. He further said that the final decision would be under consideration in another 20 to 25 days.
The IGR also told that the decision regarding the guidance value would depend on inputs given by the office or sub-registrar, CREDAI members, and also the public. There is a possibility that the guidance value may come down only if the public thinks that it is not on par with market value.
“The department is already obtaining information from all the sub-registrar offices across the state, including Bengaluru. This time the revision will be scientific, and anomalies like high and low guidance value in some areas will be corrected. Objections and suggestions from the public too were obtained,” Meena was quoted by the daily as saying.
Post demonetisation, Stamps and Registration department witnessed a fall in its revenue earning through stamp duty. In such a situation, the CREDAI Secretary, Suresh Hari, opposed this revision and stated that since the economy is slowly recovering, this move may further add a hurdle to the economy.
He said the revision should not happen for the sake of it and it should be scientific and done rationally. Under Goods and Services Tax (GST) the stamp duty should significantly reduce which is not happening.
Another senior sub-registrar stated that after demonetisation there is a decline in new properties registration and that this new guidance value should be reduced to encourage more people to register their properties.
