introduction
From 01 January 2022 Karnataka slashed property guidance value by 10% across the state for a period of three months, From January 1 2022 to March 31 2022.
EXTENDED
The Karnataka State Government extends 10% cut on property guidance values for three more months.
The 10% cut on property guidance values provided by the Karnataka State Government ended in July 2022 and there is no discount now.
NEWS ARTICLE
The image of the news article that was published in Times of India, Bangalore edition on 09.04.2022:
WHAT IS a GUIDANCE VALUE
Guidance value is the minimum selling price of a property fixed by the Government of Karnataka.
HOW IS THE STAMP FEE VALUE ASCERTAINED
Stamp fee is calculated on the guidance value or sale consideration which ever is higher.
STAMP DUTY
The stamp duty is 3% on properties worth ₹45 lakhs, 2% on properties less than ₹20 lakhs, and 5% on those worth over ₹45 lakhs.
In addition to stamp duty you will have to pay cess and surcharge as part of the property registration charges in Bangalore and other cities within the state. For properties priced above Rs 35 lakhs, a cess of 10% and a surcharge of 2% are applicable. This is in the case of urban areas. So, effectively, you will be paying 5.6% as stamp duty. In the case of rural areas, a home buyer pays 5.65% as the stamp duty, because the surcharge is 3%
Stamp Duty Calculator https://kaverionline.karnataka.gov.in/StampDutyCalculator/StampDutyCalculation you can enter details in kaverionline to calculate stamp duty.
REGISTRATION FEE
The registration fee for property registration in Bangalore is 1% of the property value.
You can pay the stamp fee and registration fee online in https://k2.karnataka.gov.in/K2/
conclusion
The registration of property is one of the biggest event in one’s life. The below link has checklist for registration of property in Karnataka and Bangalore
