Wednesday, August 7, 2013

Realestate Property Reporter (RPR) frank talk on Revision of Guidance- value

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Revision of Guidance- value

         It was just a year back, when the guidance value of properties under registration district of Bangalore was revised, precisely from 2nd of August 2004.

         The rates were increased many times of the previous guidance value at certain places with no relevance to market value. The increase in the guidance value has contributed to the property price rise.

         Karnataka Government has set in another process of revision of guideline values, which was said to have published in Gazette on 27 July 2005, inviting objections and the final date for such objections has expired on August.

         Such notifications need wide publicity like publications in local news papers and at other public places where common public have free access and publication in Gazette would serve no purpose though it may satisfy the prescribed procedure. The Government publication like Gazette would be very difficult to access. It is the purpose behind the procedure and not the procedure itself which is important. The Government has kept the public in dark about the revision of guidance value.

         The revision as per the reports are too high at certain areas, and aim is to fill the government coffers, which has suffered on account of ban on registration of transfer of certain properties. No doubt the property rates in Bangalore would find another steep rise, which at present itself are not affordable by common man. This too frequent revision of guidance value would fuel the price rise, creating a vicious circle, owners and government competing with each other. The Government should adopt a policy of fine balancing between social commitments
and avoiding under valuation of properties.

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