Registration for revenue sites in Karnataka will go up in 2014
Backed by an upsurge in the number of registrations of buildings and sites in revenue pockets by the tail end of 2013, the year 2014 is likely to bring in new hopes for the members of the real estate community. The last month witnessed a boom in site registrations, as many as 5831(25% more in comparison to the same period last year) in Bangalore and its nearby suburbs.
This will offer a helping hand to the government and aid it to mop up a revenue of Rs 6100 crore from the registration and stamp department in the fiscal year 2013-14. Experts are of the notion that the upswing in registration of revenue sites will continue till April 2014. This testifies the fact that property registrations in revenue sites will be the major attraction for the real estate fraternity this year.
Availability of large land spurts registrations
As per revenue officials, suburbs in Bangalore where large tracts of land are available for construction purpose, witnessed a sudden hike in property registrations. In comparison to the last few months, December witnessed a hike of 10-15% in site registrations.
The spurt in site registrations can be attributed to few specific rulings of the state government. Property consultants confirm that site registrations caught momentum, after the government gave green signal for ‘B’ khata site registrations.
For starters, ‘B’ khata certificates are vital for those properties which are devoid of title deeds and deviations. Going by property analysts, the registration of ‘B’ khata site registrations is likely to mop up a revenue of Rs 1000 crore in 2014.
Push to the realty sector
By giving a nod to the registration of properties with ‘B’ khata certificates, the government has given a major push to the realty sector of the state.In addition to it, the government will be able to keep a tab on the unregulated growth of land. According to market reports, the number of property registrations in Yelahanka’ jurisdiction (North Bangalore) has now reached to a whopping 25-30 registrations per day. Harohalli, Puttenahalli, Vidyaranyapuram and Yelahanka New Town all fall under the jurisdiction.
Although multi-storey apartments have created a niche for itself in the property market in Bangalore, buyers at present prefer to invest in revenue plots after the government decided to offer legal status. In addition to it, removal of the 6-month old ban on issuing of tax assessment register extract (Form 9) and tax demand register extract (Form 11) in gram panchayats, have brought in more good news for the real estate sector of the state.
