BENGALURU: Long queues were seen at sub-registrar offices in the city on Monday ahead of an increase in guidance value for properties by 15-30% this week. Guidance value is the base rate for fixing stamp duty and other charges to register an immovable asset.
Buyers in Bengaluru have to pay 6.6% of a property's rate to the government - 5.60% stamp duty including surcharge and cess and a 1% registration fee. A 15% increase in the guidance value of a property valued at Rs 1 crore means a buyer will have to shell out Rs 7.59 lakh to the government as against Rs 6.6 lakh now. A 30% increase will mean she will pay Rs 8.58 lakh - around Rs 2 lakh more.
K S Shivananda, who was at the Yeshwantpur sub-registrar's office on Monday to register a plot in Vidyaranyapura, said: "I will have to pay at least Rs 20,000 more if the land rate increases by 10%, so I decided to register before the new rates come into effect."
Sources told TOI the stamps and registration department had planned to implement the hike from Monday, but deferred it to capitalize on the rush.
According to revenue department officials, around 7,500 properties are registered in the state every day, bringing in Rs 20 crore to the exchequer.