THE MARKET VALUE OR GUIDANCE VALUE FOR REGISTRATION OF PROPERTIES IS UNDER REVISION


THE CVC HAS PUBLISHED THE GUIDANCE VALUE FOR THE BANGALORE URBAN DISTRICT AND INVITED OBJECTIONS FROM THE PUBLIC, TO BE SUBMITTED WITHIN 15 DAYS FROM 07-10-2014.  THE OBJECTIONS ARE BEING EXAMINED.  THE REVISED GUIDANCE OR MARKET VALUE OR THE REGISTRATION VALUE TO CALCULATE THE STAMP DUTY AND THE REGISTRATION FEE WILL BE PUBLISHED SOON.

IT IS LEARNT THAT THE AVERAGE INCREASE IS IN THE RANGE OF 20% TO 30%.  BUT IN THE BANGALORE NORTH THE VALUES HAVE SHOP UP IN SOME AREAS BY 100% AND THOUGH THE GUIDANCE VALUES HAVE BEEN INCREASED BUT THE REAL MARKET VALUE IS MUCH HIGHER.

HENCE, THERE IS LONG Q IN THE SUB-REGISTRAR OFFICES IN BANGALORE URBAN AND RURAL DISTRICTS AS THE PROPERTY BUYERS THINK THAT THERE WILL BE A REVISION FROM 01-11-2014.

JOINT DEVELOPMENT AGREEMENTS EXECUTED FOR APARTMENTS AND LAYOUTS – UNDER REVISION – STAMPS AND REGISTRATION DEPARTMENT –


THE STAMPS AND REGISTRATION DEPARTMENT HAS DETECTED TAX EVASION IN THE JOINT DEVELOPMENT AGREEMENTS EXECUTED BETWEEN THE LAND LORD AND THE DEVELOPERS AND BUILDERS AND HAS REOPENED THE FILES BY ISSUING NOTICES TO THE CONCERNED LANDLORDS AND THE BUILDERS/DEVELOPERS.

IT IS FELT THAT THE DUTY LIABILITY ALONG WITH THE FINE WILL BE IN TUNE OF CRORES FOR THESE PROJECTS, THE BUYERS MIGHT ALSO FEEL THE HEAT OF THIS INVESTIGATION.

EVEN THOUGH, SOME SUITS ARE BEING CONTESTED IN THE HIGH COURT, BUT NONE OF THEM HAVE REACHED ITS FINALITY AND WITH THE FRESH NOTICES, THE SITUATION FOR THE DEVELOPERS AS WELL AS LAND LORDS APPEAR TO BE VERY GRIM.

PERMANANT VALUATION CELL FOR THE REVISION OF GUIDELINE VALUE OF PROPERTIES IN KARNATAKA


THE GOVERNMENT HAS APPROVED THE INSTITUTION OF A REGULAR VALUATION CELL FOR THE REGULAR VALUATION OF PROPERTIES ACCORDING TO MARKET PRICES OF THE PROPERTIES FOR THE REGISTRATION. IT IS EXPECTED THAT THE GENERATION OF REVENUE FROM THE REVALUATION OR REVISION OF THE GUIDANCE VALUE ACCORDING TO THE MARKET TRENDS OR MARKET PRICES, WILL BE AROUND RS6500 CRORES, A JUMP OF ALMOST RS2000 CRORES FROM THE ESTIMATED REVENUE.

 

 

PROPERTY PRICES SET TO RISE IN BANGALORE


THE GOVERNMENT IS SERIOUS ABOUT INCREASING THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES AND THE GUIDANCE VALUE MIGHT BE BROUGHT TO THE MARKET RATE COUPLED WITH 1% TDS ON THE VALUE OF THE PROPERTIES WHICH EXCEED RS 50 LAKHS AND ABOVE, AS PER THE RECENT FINANCE ACT, WILL  INCREASE THE PRICE OF THE REALTY MARKET IN BANGALORE.

IN ORDER TO GENERATE ADDITIONAL REVENUE TO MEET THE DEFICIT OF THE BBMP, THE PROPERTIES WHICH ARE IRREGULAR WITH DEVIATION AND VIOLATION MAY BE BRANDED DIFFERENTLY AND TAXED ACCORDINGLY TILL IT GETS REGULARISED AND THE TAX SLABS MUST BE 3 TIMES GREATER/HIGHER THAN THE OTHER PROPERTIES.

This proposal may not be practical as there will be stiff opposition from the VIOLATORS AND DEVASTATORS.

 

REGISTRATION EXPENSES MAY GO UP SOON FOR PROPERTIES IN KARNATAKA


THE STATE GOVERNMENT MAY REVISE THE GUIDELINE VALUES OF THE PROPERTIES AND MIGHT INCREASE THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES IN KARNATAKA, VERY SOON.

PROPERTY REGISTRATION CHARGES AT BANGALORE


THE STAMP DUTY IS 5.6% ON THE GUIDANCE VALUE OR THE MARKET VALUE OR THE CONSIDERATION SHOWN IN THE DOCUMENT- WHICHEVER IS HIGHER. IT IS APPLICABLE FOR BBMP LIMITS PROPERTY.

THE REGISTRATION FEE IS 1% ON THE GUIDANCE VALUE OR THE MARKET VALUE OR THE CONSIDERATION SHOWN IN THE DOCUMENT- WHICHEVER IS HIGHER. IT IS APPLICABLE FOR BBMP LIMITS PROPERTY.

THE TOTAL EXPENDITURE/EXPENSES/FEE/CHARGES IS 6.6%.

STAMP DUTY AND REGISTRATION FEE FOR PROPERTIES IN BBMP LIMITS


STAMP DUTY: 6.72% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER.

REGISTRATION FEE: 1% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER.

TOTAL: 7.72%.

IT IS APPLICABLE FOR SITES, HOUSES, APARTMENTS AND ALL TYPES OF PROPERTIES.