Property cell in Karnataka will keep tabs on realty
Aug 16, 2013
Source : The Times of India

 

BANGALORE: After a steep revision in the guidance value of properties the state government plans to set up a permanent valuation cell (PVC) to facilitate revision of values at regular intervals.

“It’ll have officers and experts dedicated to study the real estate market and make guidance value revision more scientific,” said inspector-general of registration and commissioner of stamps Syed Adoni Saleem.

PVC, a great success in Maharashtra, prompted chief minister Siddaramaiah to depute a team of officials headed by Adoni to understand the system and advise him whether such a system would be practical in Karnataka. “We were quite impressed with the system and when we apprised the CM, he instantly asked us to start one here. It’s just a matter of time now,” Adoni said.

The need for the special cell has arisen following the yawning gap between guidance values and market rates. Currently, the central valuation committee plays a crucial role in revision of guidance values after getting inputs from the respective offices.

Apart from keeping a constant watch on actual market rates, the new cell will also keep tabs on evasion of taxes on registration of properties through undervaluation, with the help of its special intelligence wing. It will also look into complaints from builders and the public about unscientific guidance values in a particular area, and take immediate steps to correct it.

But the construction industry is not impressed. R Shivakumar, president, FKsaid: “At a time when inflation is already pinching the people and the manufacturing sector is sluggish, revising guidance values and using the money for subsidies and freebies is not right. What’s needed is a more rational policy of incentives, which push economic growth, provide employment and increase GDP.”

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