Bangalore

Government eyes to garner Rs 840 crore revenue due to guidance hike

BANGALORE: Karnataka government expects additional revenue of Rs 840 crore following upward revision of guidance market value of properties, including Rs 614 crore in Bangalore Urban district, by way of increase in registration fee and stamp duty following the measure.

Revenue Minister V Srinivasa Prasad said in reply to question from H D Revanna ( JDS) in the Legislative Assembly that guidance value has been revised upwards in 25 districts on an average of about 30 per cent, while the process to do it is on in the remaining five districts.

The government expects to garner additional Rs 226 crore from the remaining 29 districts from the measure, he said.

Revenue from stamps and registration is the third largest source of revenue for the Government, officials said. For the current year, a revenue collection of Rs 6,500 crore has been fixed by the Department of Stamps and Registration, which is being reorganised and modernised for achieving this target.

By bringing property and land registration services under “Sakala” scheme, the public can now have their documents registered within a day, it was noted.

The Congress government in Karnataka has also proposed to create a permanent dedicated valuation cell in the State with adequate staff so as to continuously monitor market values and advise on revision of guidance values.

It has also proposed to have MoU with Airport Authority, Port Authority and banks to collect additional revenue from stampt duty on instruments relating to import of goods, officials said.

http://economictimes.indiatimes.com/markets/real-estate/news/government-eyes-to-garner-rs-840-crore-revenue-due-to-guidance-hike/articleshow/21248724.cms

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