House resale registration: Bangalore

POSTED BY Anand Iyer ON April 6, 2013 4:51 pm ONE COMMENT

I’m buying a property in Bangalore..its a resale..someone ele owned that house till now and I am buying it now.

I applied for a home loan from SBI for this house and they are telling me that for resales, its imp that we register it for the amount we are paying in the sale deed and not the guidance value given by the government…

Is it true that for resale houses, we are supposed to always go with the value we have registered in the sale deed? Apparently, u can go with the guidance value only for new homes or first sale?

Is there a government website (or any website) where I can get this info?

A website…karigr.org or karnadu.org (which came up as one of the results when I googled) never opens.

One reply on this article “House resale registration: Bangalore”

  1. Dear Anand, first understand, what’s guidance value or govt. rate or circle rate or jantri rate. Ultimately it’s the minimum registered official value below which you can not register your property. in case you want to register your property even lower, the govt. ‘ll still charge the stamp duty on guidance value. All over India, this guidance value is always lower than the actual market price.

    So, builders & developers use this situation in their own advantage & ask the first time buyer to register the property only at the guidance value. Now for your information, any amount paid by you above guidance value to the builder is unofficial money or in simple words black money.

    Now when someone purchases a resale property like you, the registration ‘ll be done strictly on the market value is you are opting for maximum possible loan. In case you can pay black money – Well It’s India my dear friend & you can still register your property for guidance value.

    Please do note, as an honest tax payer we never promote illegal or unethical things & hence not asking you to follow black money route. The things were discussed only in respect of your query & to make you understand the difference.

    By the way – many builders are now a days registering for full market value.

    Thanks

    Ashal

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