The Karnataka government has slashed the property guidance value across the state by 10% for the next three months in a move aimed at providing an opportunity for people to get registrations done at the earliest, Revenue Minister R Ashoka said on Saturday, January 1. The minister even called it a New Year's Day gift to the public.

The guidance value of a property is the base price fixed by the government as the price of a property, and cannot be sold below the price. It’s fixed based on the type of structure and the locality as well. 

For the purchase of property, whether it is a revenue land, site, building or a flat, the government is slashing the guidance value by 10% which will be applicable across the state for three months only, Ashoka said while speaking to reporters.

"This is an offer for those who are pushing time with the General Power of Attorney (GPA) and agreements on properties. Also, it is for those who are planning for property registrations. This will be effective from today (January 1) till March 31," the minister added. The guidance value is the minimum selling price of a property fixed by the government, depending on the locality and type of structure.

Calling on the public to utilise the opportunity and get their properties registered, the minister said this has been a long-standing demand, the announcement has been made after several rounds of discussions between the finance and revenue departments, IGR (inspector-general of registration) and the Chief Minister for the last one month.

"It will be across the state for all kinds of property registration, whether it is dry or irrigated land, flat or site. It will be applicable to all," he said, adding that this may have some impact on the revenue to the government, but will also benefit common people.