Days after the Karnataka state government hinted at a major rise in property guidance rates, Revenue Minister Krishna Byre Gowda announced that the sub-registrar offices in Karnataka will operate from 8 AM to 8 PM till September 30.
"To meet the increased burden of registrations we have decided to keep sub-registrar offices open for extended time. We will also be operational on Saturday or September 23, which is normally a government holiday," Gowda said on Friday.
This comes after the state government announced on September 19 that the guidance value may go up by 20-30 percent from October 1 onwards.
However, it may go up as high as 50 percent in dense IT corridors, the minister had said.
Previously, on July 7, while presenting the state’s budget for 2023–24, Chief Minister Siddaramaiah proposed a revision of the guidance values of properties in the state.
Guidance value is the minimum value at which the sale of a property can be registered with the state government. It is also known as the circle rate in some states.
In most prime locations, or central business district (CBD) areas, the difference between the guidance value and actual property prices is about 40-50 percent, while in the outskirts it's about 30 percent, local brokers say.
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