Mangaluru: Property prices in Mangaluru city are set to go up from October 1, with the state government increasing guidance value. While the exact amount of hike vis-a-vis the old guidance value is not known, worry lines have started appearing on the brows of real estate industry magnates here, since they have learned that the values have gone up by a minimum of 15% to 30% in some areas, and astonishingly 100% in certain areas—where the guidance value was low.
CREDAI Mangaluru Chapter President Vinod Pinto said that as per a talk with the registrar here, some places will see a minimum hike in the range of 15% to a maximum of 30%. “What we are worried about is there’s a sense that the registrar has recommended 100% hike in guidance value in areas which had low valuation. Coming to know of this, CREDAI has already submitted a memorandum to the government through the registrar here,’’ he said.
People involved in the real estate business and property dealing said that though the registrar’s office sources were saying that they had called for objection to the proposed new guidance values to be submitted by August 30, the public came to know of this only by mid-September, by which time the date for objection had lapsed.
In the Karnataka Gazette notification for Mangaluru city, the guidance value for not developed one acre non-agricultural land has been fixed, giving Ashok Nagar area of Urva Stores as an example, Rs 21,000 per sq mts up to the first 25 cents, which values the land parcel at Rs 2.12 crore. For the next 25 cents, it will be 21,000 X 90%, which values the land at Rs 1.9 crore. The next 25 cents is valued at Rs 1.69 crore (Rs 21,000 X 80%) and the last 25 cents is valued at Rs 1.48 crore (Rs 21,000 X 70%), but the market rate in Ashok Nagar is 10X the guidance value, but it will pinch property buyers, as they will have to pay more for registration and stamp duty.
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CREDAI Mangaluru Chapter President Vinod Pinto said that as per a talk with the registrar here, some places will see a minimum hike in the range of 15% to a maximum of 30%. “What we are worried about is there’s a sense that the registrar has recommended 100% hike in guidance value in areas which had low valuation. Coming to know of this, CREDAI has already submitted a memorandum to the government through the registrar here,’’ he said.
People involved in the real estate business and property dealing said that though the registrar’s office sources were saying that they had called for objection to the proposed new guidance values to be submitted by August 30, the public came to know of this only by mid-September, by which time the date for objection had lapsed.
In the Karnataka Gazette notification for Mangaluru city, the guidance value for not developed one acre non-agricultural land has been fixed, giving Ashok Nagar area of Urva Stores as an example, Rs 21,000 per sq mts up to the first 25 cents, which values the land parcel at Rs 2.12 crore. For the next 25 cents, it will be 21,000 X 90%, which values the land at Rs 1.9 crore. The next 25 cents is valued at Rs 1.69 crore (Rs 21,000 X 80%) and the last 25 cents is valued at Rs 1.48 crore (Rs 21,000 X 70%), but the market rate in Ashok Nagar is 10X the guidance value, but it will pinch property buyers, as they will have to pay more for registration and stamp duty.
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Guidance value: Mangaluru builders anticipate minimum 15-30% hike
The Karnataka government has increased the guidance value for property in Mangaluru, resulting in a potential rise in property prices from October 1. The exact amount of the increase is unknown, but reports suggest that values have gone up by at least 15% to 30% in some areas, and even 100% in certain areas with low valuation. The real estate industry in Mangaluru is concerned about the significant hike in guidance value, which will impact property buyers who will have to pay more for registration and stamp duty.
The Karnataka government has increased the guidance value for property in Mangaluru, resulting in a potential rise in property prices from October 1. The exact amount of the increase is unknown, but reports suggest that values have gone up by at least 15% to 30% in some areas, and even 100% in certain areas with low valuation. The real estate industry in Mangaluru is concerned about the significant hike in guidance value, which will impact property buyers who will have to pay more for registration and stamp duty.
New guidance value comes into effect
The Hubballi North and South sub-registrar offices in Karnataka have implemented new guidance values for property registration starting from Oct 1. The hike in values ranges from 55% to 80% for agriculture lands and 30% to 200% for non-agriculture lands and properties. The Department of Stamps and Registration has specified different percentages based on land size and purpose. The increase in guidance values is expected to significantly boost revenue for the sub-registrar offices in Hubballi.
The Hubballi North and South sub-registrar offices in Karnataka have implemented new guidance values for property registration starting from Oct 1. The hike in values ranges from 55% to 80% for agriculture lands and 30% to 200% for non-agriculture lands and properties. The Department of Stamps and Registration has specified different percentages based on land size and purpose. The increase in guidance values is expected to significantly boost revenue for the sub-registrar offices in Hubballi.
Property buyers to feel the heat as Karnataka govt ups guidance value 15-30%
The government of Karnataka in India has officially raised the guidance value for property transactions by 15-30%, which will result in an increase in property prices. The guidance value is the minimum price at which a property transaction is registered and determines the calculation of stamp duty and registration fees. The increase in guidance value is expected to boost government revenue and property market value. The revised values will be effective from Sunday, and property buyers rushed to register their properties before the hike. Different localities may see varying increases in the guidance value.
The government of Karnataka in India has officially raised the guidance value for property transactions by 15-30%, which will result in an increase in property prices. The guidance value is the minimum price at which a property transaction is registered and determines the calculation of stamp duty and registration fees. The increase in guidance value is expected to boost government revenue and property market value. The revised values will be effective from Sunday, and property buyers rushed to register their properties before the hike. Different localities may see varying increases in the guidance value.
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