Target for the Department of Stamps and Registration increased to ₹25,000 crore from ₹19,000 crore

Increase in guidance value appllicable from October 1st

Certain areas witnessed doubling of prices

The new guidance values aimed to increase the target for the Department of Stamps and Registration to ₹25,000 crore from ₹19,000 crore as planned in the February budget came into effect starting from October 1st in the state of Karnataka. This marks a 30-40% hike on an average in apartment costs with certain areas experiencing a doubling of rates. “As per our assessment, the difference in the guidance value (the price at which a property is registered) to market prices (the actual transaction value) is about 400%, especially in the outskirts of cities like Bengaluru. Hence, the guideline values have significantly increased in these locations,” a government servant said, in an interaction with The Times of India. 

BJP MP from Bengaluru South, Tejasvi Surya lashed out at the government over this development. “Life for the middle class in Congress ruled Karnataka is getting harder by the day. Apartment costs in Bengaluru have jumped by 10-20%, with the outskirts witnessing the maximum hike, after the increase in guidance value by the state government on October 1. The state is considering imposing a congestion tax on private vehicles at 8 high traffic points in the city, while considering banning carpooling on the other hand. Looks like they are determined to squeeze every single penny out of the hard working middle class, only to fund their freebies,” he posted on X. 

Life for the middle class in Congress ruled Karnataka is getting harder by the day.

Apartment costs in Bengaluru have jumped by 10-20%, with the outskirts witnessing the maximum hike, after the increase in guidance value by the state government on October 1.

The state is…

— Tejasvi Surya (@Tejasvi_Surya) October 4, 2023