HKCCI oppose the state government for increasing guidance value of property at Kalaburagi City

Hyderabad Karnataka Chamber of Commerce and Industry

The HKCCI (Hyderabad Karnataka Chamber of Commerce and Industry) has taken stand against the proposal of State Government which was about to increase the guidance value of the real estate property in Kalaburagi region without any set of guidelines. A written objection which was filed by HKCCI before Chief Controlling Revenue Authority in Karnataka, Inspector General of Registration and Commissioner of Stamps and Amarnath Patil, Secretary of HKCCI, pointed out that there are many shortcomings in proposal which is related to increase the guidance values of the real estate property in Kalaburagi city.

Amarnath Patil, Secretary of HKCCI stated that we request to publish the notification in newspaper for the increase in guidance value to receive the opinion or objection of public because till now no such notification has been published in newspaper related to increase in guidance value. The more he added that it is neither legal nor authentic to submit the proposal or raise the guidance value of property, if anyone is fighting against it and asking to drop the proposal to meet the justice. According to Amarnath, the existing rates of real estate property in that particular region are as per the book value of the sub registrar and it is more than the market value of the property in Kalaburagi.

Due to low pace in real estate market currently there are no buyers for the property at the market value, and if we will allow the state government alone to fix the property price on higher side, so it will be not tenable. The more he added that the guidance value of property in Kalaburagi city was revised two times in July 2013 and December 2014 and there is no space for the third revision in such a short period.