Guidance value for registration to go up soon

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posted on 13 years ago — updated on 1 second ago

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BANGALORE: If you are planning to buy land or an apartment, do so now. The guidance value for land registration in the city is exp..

BANGALORE: If you are planning to buy land or an apartment, do so now. The guidance value for land registration in the city is expected to go up by at least 30 per cent and it may come into effect from midJuly.
The builders are pushing buyers to register the documents before the guidance values are increased. In the last two months, 40,564 land documents have been registered with the Department of Stamps and Registrations in Bangalore alone that is `459.86 crore realised. Confirming the trend, Inspector General of Registration and Commissioner of Stamps B Shivappa said that the the rate of registration is very high and is expected to be higher in JuneJuly. "Last year, we had only 32,571 registrations and revenue realised was `353.96 crore. This year we have crossed that number," he said.

For anxious buyers looking at the market intently, they can be assured that the guidance value will be increased by at least 30 per cent. But when asked for more details, he said that the data will be officially released by Monday.

Meanwhile, officials said that this increase in guidance values is required as the government is facing a cash crunch to meet its budgetary allocations.

In the meantime, revised guidance values for 19 districts have already been approved and released on their website.