The Karnataka government has recently revised the property guidance value (Ready RECKONER) for real estate properties in the state as part of the Budget 2023-24. This proposal has now been implemented for Belagavi as well. Guidance value refers to the government-fixed rates below which a property cannot be sold. It is the basis for determining stamp duty on property purchases, also known as the ready reckoner rate, circle rate, or collector rate.
In Belagavi city and Taluk, the property guidance value has been increased with effect from 01/10/2023. While some parts of Belagavi city have not experienced rate increases, others have seen a significant rise of 40 to 100 percent.
In some areas in the business center the value for commercial has not been hiked and the value of the residential in the same areas has been reduced a bit.
The land value of some suburbs has been hiked by 100% as well.