India, June 24 -- Faced with a decline in property registration revenue in the first quarter of the current financial year, the Karnataka government is considering a proposal to hike stamp duty by 1%, officials said. If approved, the total cost of property registration for buyers could increase from the current 6.6% to 7.6%.

The stamp duty was last revised in 2013.

According to sources familiar with the matter, the Chief Minister has directed the finance, stamps, and registration departments to devise concrete measures to address the revenue shortfall.Also Read: Bengaluru's property registrations dip 21% amid E-khata implementation woes

At present, property purchasers in Karnataka are required to pay a 5% stamp duty calculated on the g...