- By Admin
- May 29, 2020
- 0 Comments
- 2 Likes
- 1164 Views
Karnataka government is planning to cut the guidance value by 5-10% across the state. The guidance value means the base price of the properties in a particular area fixed by the government i.e. the minimum amount at which the sale of property takes place. The guidance value varies from area to area city wise.
We have received many requests for reduction in guidance value. After reviewing multiple proposals, we have placed a proposal in front of the government said KP Mohan RS, Inspector general of registrations and commissioner of stamps.
Sources claimed that the reduction may not be uniform in all areas; it will range between 5 to 10%.
This move may encourage land acquisitions by investors and government infrastructure projects as the cost of land is linked to the guidance value. Though Bengaluru has a huge unsold inventory the reduction in guidance value will definitely boost the affordable housing in the state.
Kishore Jain, president of Bengaluru chapter of Credai, said the proposal will be a win-win situation for homebuyers, developers and the government. The move will rationalise property rates, ensure healthier transactions and offer much needed boost to the state’s realty market.
You May Also Like
Mar 19, 2020
Jul 30, 2019
- Understanding Sale Deed in India
- How to apply for a NEW PAN card in India
- Mindspace REIT listing INDIA after Embassy REIT Success
- GOVT considering 100% FDI in completed housing projects
- Karnataka may cut property guidance value value by 5-10%
- Projects under RERA to get six month extension
- TNRERA Extends Project completion date by Five months
- RBI Extends Moratorium On Loans For Another 3 Months Till August
- How To Apply Encumbrance Certificate In Tamil Nadu
- Know all about KHATHA