BENGALURU: Property buyers need to be ready to bear higher price as the guidance value, which is being revised by the Department of Stamps and Registration, will come into effect after the lifting of the model code of conduct after the by-elections. The department is ready to notify the upward revision of guidance value, an average of 10-30 per cent, immediately after lifting of the model code of conduct on November 3. This will be implemented across the state, except in a few places.
Presently, the buyers are paying 5.6 per cent stamp fee on the guidance value of the property to the department. According to the department, it is for the first time that the guidance value is being revised based on the property identification number. The department has a target of collecting Rs 10,400 crore stamps and registration fee for the financial year 2018-19, which is 15 per cent higher than Rs 9,041 crore collected in 2017-18. In 2017-18, they had registered 19.34 lakh documents.
The revision of guidance value is being made after receiving objections from the public. Committees of the department at the taluk level had enquired about the values of properties. “Due to low guidance values in some districts, we have received demands to increase the guidance value in districts like Chamarajanagar and Bagalkot,” said K V Thrilok Chandra, inspector general of registration and commissioner of stamps.
He explained that the guidance value was not revised after 2016. It is being revised this financial year to achieve the target. This apart, the Comptroller and Auditor General has raised objections over the huge gap between the market value and the guidance value. Therefore, it is inevitable for the department to revise the guidance value.
He added that KAVERI, a one-stop online solution for all the registration-related services, is being integrated with BBMP’s GIS enabled property tax system. “It is most likely to materialise in a month or two. It is mutually beneficial for both the department and the BBMP in collecting revenue. Then there will be no scope for undervaluing of property while paying tax,” he said.
‘MAULYA’ MOBILE APP
In order to make the delivery of the citizen-centric services easier, the Department of Stamps and Registration has acquired a Karnataka State Remote Sensing Centre-developed mobile application called ‘Maulya’, which is free of cost on both android and IOS. This GIS-based mobile app will be available both in Kannada and English.