BANGALORE: There’s fresh hope for 2014 on the realty front. Buoyed by an uptick in the registration of sites and buildings in revenue pockets during the fag end of 2013, realty observers expect the momentum to continue till April.
December saw 5,831 site registrations in Bangalore and its suburbs. The number is 25% more than what was seen in the same month last year, data with the revenue department revealed.
“The trend is likely to continue at least during the first quarter,” said Syed Adoni Saleem, inspector-general of registration & commissioner of stamps.
Revenue officials confirmed the spurt in property registrations in the suburbs, especially in areas where large tracts of revenue land are available. A senior official at the Yelahanka sub-registrar office said he used to get 18 to 20 documents (registrations) a day before December, and the number has now jumped to 25 to 30 registrations a day. The official’s jurisdiction includes Vidyaranyapuram, Harohalli, Yelahanka New Town and Puttenahalli to the north of the city.
Another official at the sub-registrar’s office in Chikkajala in Bangalore Rural district said: “There has been a spurt in registrations, especially on the periphery of the city and surrounding areas which have a huge number of revenue sites. Compared to previous months, December saw a 10-15% increase in site registrations.”
The spurt is attributed to two crucial decisions taken by the Karnataka government. “Registrations saw a considerable increase after the cabinet gave its nod for registration of ‘B’ khata sites and later allowed gram panchayats to issue two vital documents required for registration of sites,” Saleem said.
‘B’ khata certificates are issued for properties without title deeds and deviations. Registration of ‘B’ khata sites is expected to fetch Rs 1,000 crore in revenue.
The government also removed a six-month-old ban on issuing of tax assessment register extract (Form 9) and tax demand register extract (Form 11) in gram panchayats. Without these forms, one could not register properties under gram panchayats.