Karnataka govt to revise guidance values in September?

Property transactions are set to become costlier, with the government looking to finalise an upward revision of guidance values next month.

Revenue minister Krishna Byre Gowda, who held a meeting with officials on Tuesday, sought district-level data on the current market value of properties.

Guidance value is the base price on which property transactions have to take place.

The Siddarmaiah government had earlier announced a revision of guidance value, which has not happened since 2019. The move comes even as the government is making efforts to shore up revenue for implementation of the five guarantees. 

Sources in the revenue department said the minister had asked district officials to submit the report by August-end. “Normally, the guidance rates are revised annually. However, this was not done in the last five years. This especially impacts farmers, who sell their properties at a lower value,” one source said.