Property deals in K'taka set to cost more as state plans 20% hike in guidance value
Bengaluru: Property transactions across Karnataka are set to become more expensive from April 1, with the state government initiating steps to revise the guidance value of land and buildings, a move that will have a direct bearing on stamp duty and registration charges.
Acording to sources in the government cited by Deccan Herald said the average increase in guidance value is likely to range between 15 per cent and 20 per cent, though a final decision is yet to be announced. The Department of Stamps and Registration has been instructed to complete the necessary formalities and publish the draft revised rates at the earliest.
A senior official told Deccan Herald that existing rules permit annual revision of guidance value in view of rising property prices. The last revision was carried out in October 2023 and the process for the current revision began after a meeting of the Central Valuation Committee on January 12.
Officials associated with the exercise were quoted as saying that the proposed revision aims to narrow the gap between prevailing market prices and government-notified guidance values. They maintained that the exercise is routine and not directly linked to the state’s revenue position.
The state had initially set a target of ₹28,000 crore from property registrations, which was later reduced to ₹25,000 crore. The reduction was made following difficulties in registrations after e-khata was made mandatory. Noting that property registrations typically increase in the closing months due to tax considerations, officials indicated that there is currently a shortfall of around ₹3,000 crore, which they expect to bridge by the end of the financial year.
An upward revision in guidance value would raise the minimum value at which properties can be registered. At present, buyers pay 5 per cent of the guidance value as stamp duty, 2 per cent as registration fee and 0.60 per cent as cess and surcharge, taking the total levy to 7.60 per cent.
Deccan Herald quoted Suresh Hari, former secretary of CREDAI, as saying that a revision in guidance value may be justified in line with market trends. He also cautioned that if it becomes the basis for calculating stamp duty, overall transaction costs for buyers would increase.
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KKR defeat LSG via Super Over
Lucknow (PTI): Kolkata Knight Riders edged Lucknow Super Giants via Super Overs in a battle between two bottom-placed teams in the IPL, here on Sunday.
Chasing a modest 156, LSG suffered a batting collapse and managed to tie the contest and take it to Super Over with No. 9 Mohammed Shami striking a last-ball six against a wayward Kartik Tyagi, who leaked 16 runs in the final over.
But Sunil Narine bowled a stunning Super Over conceding just one run and taking two wickets to give KKR an easy target.
Rinku Singh then finished the chase with a boundary off first ball from Prince Yadav.
Earlier the KKR were in deep trouble with 93/7 in 15 overs but Rinku smashed a sensational 83 not out from 51 balls including four sixes in a row in the final over to lift them to 155/7.
Cameron Green (34) was the only other batter to reach double-digit scores as KKR suffered a familiar batting meltdown with Mohsin taking his maiden fifer.
In reply, LSG continued their dismal show with the bat to succumb to their fifth loss in a row.
Brief Scores:
Kolkata Knight Riders 155/7; 20 overs (Rinku Singh 83 not out, Cameron Green 34; Mohsin Khan 5/23). Lucknow Super Giants 155/8; 20 overs (Rishabh Pant 42). KKR won via Super Over.
