No revision of guidance value

With the guidance values not being revised this year, there will likely be a considerable dip in revenue earnings this year. 
No revision of guidance value

BENGALURU: With the guidance values not being revised this year, there will likely be a considerable dip in revenue earnings this year. This will also have a ripple effect on the coffers of the state as no revision is planned for the next fiscal too. Revision of guidance values of properties is an annual exercise. But this year due to the lockdown, the exercise did not happen in March. It has now been decided that it will be done only next year with the hike being only marginal. 

According to the Stamps and Registration Department, the guidance values was revised last on January 1, 2019 after a prolonged delay. It was expected in March 2020 but has been postponed to March 2021. “The government has not thought of the losses and the methods to meet them. In the wake of lockdown, it was stopped and till now no orders of field assessment to start the revision have been issued.

To cover the losses of this year, there cannot be a steep revision of guidance values next fiscal, nor can there be a depreciation. There would only be a symbolic hike to continue the revision cycle. In the worst-case scenario, the government will have to continue with the present values, but will have to borrow large amounts as the market value of the city will drop,” said an official from the Stamps and Registration Department. 

According to revenue department records, against the target of Rs 11,828 crore for the last fiscal, Rs 1,145.05 crore was realised. The target for this fiscal was Rs 12,655 crore. Ever since the lockdown was relaxed, Rs 4,610.12 crore has been accumulated, but officials said that reconciliation is yet to be done. 
The official said, “We also have to think of the problems of people. Registration of properties is a must and the present revenue generation is from long-pending sales and registrations.” 

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