Karnataka govt to revise guidance value every year
Jul 25, 2013
Source : The Times of India

 

BANGALORE: Karnataka government has decided to set up a land evaluation committee to advise government on the revision of the guidelines value ((official cost of land). Based on its recommendations, the state plans to revise guidelines value every year from now.

Revenue minister V Sreenivas Prasad told the legislative assembly on July 24 the existing land rates in some parts of the state is quite erratic with lower values than the market value.

There are places where the difference between guidance value and market value is more than about 100 per cent, he said.

He said an official team is studying the procedure adopted in neighboring Maharashtra as a guide where the difference between guidance and market value is marginal.

For the same reason, he said the new committee will decide on the estimation of the market value rate for the guidelines and prepare a statement showing the average rates for agricultural land and residential commercial industrial sites.

The members of the committee will not only be drawn from departments of revenue survey and settlement, Municipal councils or Town Panchayats but also the locals will be involved in estimating the market value, he added Guidance Value in Bangalore to go up by 40 % The government will soon increase the guidance value in Bangalore city by 40 % to fund its populist schemes. We have already announced the revised rates for seeking suggestions and objections from public. We may implement it within a month,” Prasad said. The minister said the government has already hiked the guidance value by 30 % in 25 districts. We will revised the land values in the remaining districts in three months rime,” he added.

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