The new guidance value, which is on an average 30-40% higher than before but in some cases even double, came into effect in the State on October 1, Sunday.
This is the first revision since the last one on January 1, 2019. While the practice has been to revise guidance value every year, it has not been done during the past few years owing to the pandemic. With the revision of guidance value, the State government aims to shore up revenue collection.
The Budget presented by Siddaramaiah in July hiked the target for the Department of Stamps and Registration to ₹25,000 crore from ₹19,000 crore target in the February Budget presented by former Chief Minister Basavaraj Bommai.
After the draft of the revised guidance value was announced, sub-registrar offices across the State saw a huge rush, to such an extent that the Department extended the working hours of sub-registrar offices from 8 a.m. to night 8 p.m. from September 22 till September 30.
On September 27, the department collected ₹312 crore on a single day, the highest one-day collection in the State’s history. During these eight days alone, the department collected nearly ₹1,000 crore. Till September 30, the department collected ₹9,162 crore this fiscal year, whereas it had collected ₹7,999.65 crore last fiscal year during the same period.
