Cost of registration to shoot up in Bangalore

Cost of registration to shoot up in Bangalore
New Indian Express

BANGALORE: The cost of registration of properties in and around Bangalore is likely to shoot up further as the government is contemplating to revise the guidance value of properties.

According to sources in the Revenue department, an empowered committee headed by Inspector General of Registration and Commissioner of Stamps is in the process of finalising the revised guidance value. The 12 sub-registrar offices in the City have been told to give a comparison of prevailing market prices and the existing guidance value to finalise the revision.

This is the third time in the last two years that the government has decided to revise the guidance value. The revised guidance value is expected to come into effect by this year end, the sources said.

Guidance value of the properties is the value based on which the registration fee and stamp duty are calculated. Presently, the registration and stamp duty in Bangalore stands around 10 per cent of the guidance value of any particular property.

Shooting property value in and around the City was the major reason behind revising the guidance value, the sources said. "There is a lot of buoyancy in the real estate sector and the prices are increasing in geometrical ratio," the officer said.

It may be recalled that government agencies like the Karnataka Housing Board and the Bangalore Development Authority have recently hiked the rates of its plots and flats across the board to compensate for increasing land acquisition and construction costs.