In an effort to boost revenue, the Congress government in Karnataka is considering raising the guidance value of properties by 15%. Through this move, the government wants to take advantage of the real estate boom. A minister told the Times of India that the government is also pushing for online registrations by expanding the use of the web-based application Kaveri 2.0 to cities like Bengaluru.
Direction esteem alludes to the most reduced cost at which a property exchange is enrolled with the public authority. The location of the right affects this value, which is set by the administration. The price is used to calculate stamp duty and registration fees.
The proposed change by the Karnataka government relates to the calculation of the guidance value for properties in Bengaluru. It is expected that the government will introduce a new formula that takes into account various factors such as location, age of the property, and amenities. This new formula is likely to result in an increase in the guidance value for many properties in the city.
An increase in the guidance value can have a significant impact on property prices. Buyers may need to pay higher stamp duty and registration fees, which can add to the overall cost of the property. Sellers may also need to adjust their asking price to reflect the new guidance value, which can affect the bargaining power of both parties.
Overall, any changes to the guidance value system in Karnataka can have a significant impact on the real estate market. It is important for buyers, sellers, and investors to stay up-to-date with the latest developments and consult with experts to understand the implications of any changes on their investments.