Increase in guidance value for properties in state kicks in

The move by Karnataka government to increase its revenue inflow by close to Rs 900 crore by increasing the guidance value of properties between 30-50 percent kicked in, in the State and as expected drew flak from across industries.

"At a time when inflation is already pinching the people and the manufacturing sector is sluggish this was an inopportune time to raise revenue. All the revision has been necessitated in order to find the finances for the food security scheme where the prices at which it will be provided are at a very infinitable subsidized price," R Shivakumar, president of industries association FKCCI, lashed out.

He said government should concentrate more on providing employment and incentives for increasing production and employment opportunities rather than funding money for subsidies and freebies. Amidst all the gloom across the real estate sector in India, the property market in Bangalore has been holding steady and delivering good numbers during the past two quarters. According to data, around 7,500 properties are registered every day across Karnataka.