REVISION OF GUIDANCE VALUE OF PROPERTIES ON CARDS SOON IN KARNATAKA


THE PROPERTY REGISTRATION GUIDANCE VALUE OR THE MARKET VALUE IN THE STATE OF KARNATAKA WILL BE REVISED VERY SOON AND THE VALUES ARE EXPECTED TO BE INCREASED ON AN AVERAGE OF 20% TO 30%.

THE PROPERTY VALUES WHICH WERE UNDERVALUED EARLIER IN SOME ZONES MIGHT BE PLACED TO THE ACTUALS THIS TIME.

ADDITIONALLY THE GOVERNMENT HAS A PROPOSAL TO INCREASE THE STAMP DUTY IN THE FORTHCOMING BUDGET.

AS OF NOW,

1). THE JOINT DEVELOPMENT AGREEMENT EXECUTED BY THE LANDLORDS AND THE BUILDERS(From 01-11-2013) ARE UNDER SCRUTINY AND NOTICES HAVE ALREADY BEEN DESPATCHED TO THE BUILDERS, WHO HAD NOT PAID THE STAMP DUTY UNDER ARTICLE 5 (F) OF THE KARNATAKA STAMP ACT OF 1957.

2). THE GENERAL POWER OF ATTORNEY EXECUTED BY THE LANDLORDS IN FAVOUR OF THE BUILDERS/DEVELOPERS UNDER ARTICLE 41(EA) OF THE SCHEDULE TO THE KARNATAKA STAMP ACT OF 1957 WILL BE 1% OR THE MAXIMUM RS1,50,000/-.

MANY BUILDERS ARE IN THE SOUP.

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