Mysuru: The State Government has hiked the guidance value of properties by 5% to 25% and the revised rates have come into effect from today (Jan.1, 2019) at all Sub-Registrar Offices. Henceforth, property rates are set to go up along with registration charges in city and its outer limits.
Guidance value is the price of a property fixed by the Government, and property registrations cannot go below that fixed price. This is also a major revenue source for the Government. The rates have remained unchanged in State since 2016 owing to a sharp decline in the Real Estate sector. The guidance value has been increased to give a fillip to the Real Estate sector which has seen a slump in recent times. Statewide, Mysuru and Mangaluru have seen the steepest hike of 5 percent to 25 percent. The guidance value has been published by the Department of Stamps and Registrations after inviting objections. The Department had published a notification in this regard in September last year.
