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Karnataka revenue minister asks for report on revising guidance value of properties, Real Estate News, ET RealEstate

Karnataka revenue minister asks for report on revising guidance value of properties, Real Estate News, ET RealEstate
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BENGALURU: Karnataka Revenue Minister R Ashoka on Friday said he has asked officials to come up with a report on how to revise the guidance value of properties in the state.

“Covid has hit the businesses hard. I have been receiving a lot of requests from various stakeholders on reducing the guidance value. So I have asked the officials to submit a report by December on decreasing the guidance value across the State,” Ashoka said.

He said he has also asked the officials to look at the possibility of increasing the guidance value along the national and state highways and industrial corridors.

Guidance value is the base price of properties in a particular area fixed by the government. It is the minimum amount at which sale or transfer of properties take place.

The Minister also said that the Revenue Department has decided to hire the services of 820 surveyors to fast track the pending applications.

“Currently, there are two lakh plus applications pending for survey related work, which is affected by staff shortage. There is a waiting period of eight to 10 months for survey work.

So we have decided to hire 820 surveyors now and another 600 licensed surveyors by December. When all of them are on board, then I am hopeful that we can complete the entire survey work within a few months,” he said.

Ashoka also said he has asked the Deputy Commissioners (DCs) to take a call on forming the new revenue villages in their respective districts.


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