Most of us might have come across the news that the Guidance Value of Bangalore is going to be reduced by 10%. But how many of us actually know what the term means?
Guidance Value or Guideline Value is a very important term in real estate that every one of us should be aware of. It is, infact, one of the core factors that add upto the total value of a property.
In simple terms, Guidance Value is the minimum or least amount at which a property transaction can be registered and which is decided by the Department of Stamps and Registrations.
The Guidance Value of Bangalore's flats is also known as Ready Reckoner Value, as any impact on the guidance value can have a direct impact on the property value and price. It is very important that the Guidance Value is followed and paid, as you will only get a legal claim on the land and property only if you pay the said guidance value.
Guidance Value and Guideline Value are often used interchangeably. Guideline Values are also known as Ready Reckoner rates, as mentioned above, and also Circle Rate.
As per the reports, the Hon Revenue Minister R Ashoka had stated that during the tenure of January 1 to March 31 (financial year ending), for the properties, the Guideline values will be slashed by 10%. Though Guidance value is an important addition to the State's income, this move was to increase the property registrations this year.
The guidance value of different Sub-Registrar Offices in Bangalore can be found through the online portal Kaveri portal.
So, folks, we hope that you liked our short write-up about Guidance Value. Do share your valuable insights in the comments below
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