Guidance value of immovable property to be hiked by 30% in K'taka
K
arnataka government is all set to hike the guidance value of immovable property by 30 per cent from October 1.
The government expect a revenue of about Rs 2,000 crore annually in return.
"There is a rule as per which the guidance value of property can be revised once in a year. In this background, we are hiking the guidance value from October 1," Minister for Revenue Krishna Bhyregowda said.
He said that there is going to be a 30 per cent hike. "The hike will not be applicable everywhere. Wherever the guidance value is below the market rate, the hike will be applied," he said.
He said that the guidance value is lower in regions where national highways, airports and IT and BT industries have come up.
"In these regions, the guidance value is going to be increased by 30 per cent. There is a time limit for filing of objections. The government notification will be issued after looking into the objections," he said.
He said that there might be little inconveniences due to the hike in the guidance value of the properties and it is going to be settled in one or two months.
"The black money is being used during the sale of property. There are going to be pros and cons when the new rule is made. The law says revision of guidance value should be made every year. For five years, the guidance value has not been revised and hence we are doing it," he said.
He said that the state government has decided to use an app to identify the government land and that app will be released in a few days.
"The app will be given to the village accountant and on spot inspection will take place. The app will detect whether it is government land. If there is any encroachment, then the district commissioner will take action," he said.
He said that the beat system will be made and for every three months an assessment will take place.
"The lands were grabbed in Bengaluru and judgments were taken in their favor by giving false information. The officers were given wrong information," he said.
Sources said that the guidance value is going to be up in the north Bengaluru area which is seeing a boom. The rates are also going to be hiked in the surrounding areas of Devanahalli where Bengaluru International Airport is located and Chikkaballapur district located close to Bengaluru urban district.
The rates in Mysuru, Mandya and Ramanagara districts where Bengaluru-Mysuru Expressway is built, Shivamogga, where the new airport started operating will also see a rise in the guidance value.
✔️ Guidance value of immovable property to be hiked by 30% in K'taka
💕 Found this article helpful? Spread the word and support us!