Karnataka SROs to operate from 8 AM to 8 PM till September 30

From October 1, the new guidance value rates will kick in.

September 25, 2023: With the Karnataka government bringing into effect the hiked guidance value from October 1, 2023, there is a surge in online applications for property registration before September 30, 2023.  Property prices in the state will shoot up from October 2023 with the guidance value hiked by an average of 30% as compared to the existing rates.

According to the rules under Department of Stamps and Registration Karnataka, stamp duty has to be collected on the date of registration of property and not on the date when application for registration is filed. Thus, all properties that get a registration slot after September 30, 2023 will have to pay stamp duty as per the new guidance value.

This has led to an increase in seeking property registration slots with the sub-registrar offices (SRO) in Karnataka till September 30, 2023.  As per a Karnataka government order, to address this demand and clear all pending online applications for property registrations, all SROs in Karnataka will operate from 8 AM to 8 PM till September 30, 2023. The usual working hours for all SROs in the state is from 10.30 AM to 5.30 PM.

The state last saw a revision of around 25% in guidance value in 2018-19. As per new guidance value, the plots near technology corridors like Electronic City and National Highways will see a 50% hike in guidance value.

 

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com

 

 

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