The Karnataka state government has lowered the property guidance value of state-owned properties by 10 percent over the next three months, allowing people to register as quickly as possible. Revenue Minister R Ashoka called it a New Year’s gift to the public. For the purchase of real estate, whether it is a piece of land, building or an apartment, the government is lowering the guidance value by 10 percent, which will only apply nationwide for three months.
Guidance value, the minimum sale price of real estate set by the state depending on the location and type of building.
The Minister said, this is kind of an offer for those who are in a hurry to get a general power of attorney (GPA) and real estate agreements. It is also for those who plan to register real estate valid from January 1 to March 31.
After the minister asked the public to seize the opportunity to register their property, the minister said it was a long-standing demand. The announcement came after several rounds of discussions between the finance and revenue departments, IGR (inspector-general of registration) and Prime Minister for the last month.
“All types of property registrations will be made throughout the state, whether it is dry or irrigated land, subdivisions or plots of land. It applies to everyone, adding that it may have some impact on state revenue, but it will also be for the benefit of ordinary people.