Mysuru:  With the State Government hiking guidance value of properties by five to 25 percent and the revised rates coming into effect on Jan.1, 2019, the Sub-Registrar offices in the city witnessed only a few registration on the first day of the new year.

The Sub-Registrar office (West) witnessed only three property registrations on Tuesday, the first day of the year, while the Sub-Registrar office  (South) did not record any registration at all.

Apprehensive of the hike in registration fees coupled with confusion over the new rates, the people are hesitant to come forward for registering properties. Yesterday being a Tuesday which is considered as inauspicious by many, also contributed to very poor registration of properties on the first day of the year.

Confused over the new guidance value, the public have urged the authorities to come up with a much easier way to understand the hike in guidance value and registration fees.

However, the officials claim that the new guidance value put up at the Sub-Registrar’s office is easy to understand and as such there is no scope for confusions.  

Pointing out that the government has hiked property guidance value, coming into effect from Jan.1, 2019, the officials say that, the stamp duty currently stands at 5.6 percent and the registration fee at   one percent.

Citing an example, prior to the hike in guidance value, the stamp duty for registration of property worth Rs.10,000 was Rs.560 and registration fee Rs. 100. Now as per the revised guidance value which has come into effect yesterday, a five percent hike in guidance value will make this property value stand at Rs.10,500 and correspondingly, there will be a Rs.26 hike in stamp fee and Rs.5 hike in registration fee, the officials explained.

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