Property registration picks up speed in Karnataka
Karnataka’s retail real estate market is slowly emerging from the widespread Covid-19 as per the revenue generated from property transactions in one month of operations during the lockdown.
The government has received an amount of Rs 253 crore since all sub-registrar offices resumed registration of properties from April 24 even in GlobalCovid -19.
Till May 21, a total of 68,000 documents have been registered of which 60% are related to property. The average revenue generated in the period as per officials comes to Rs 15 crore a day. About 60% of the registrations are in Bengaluru and the neighboring districts.With Home loan EMI’s set to turn cheaper after RBI’s rate cut, the government is expecting revenue to go up Rs 30 crore per day from property registrations in the month of July. Construction schedules are expected to go by RERA timelines of the project.
The Karnataka government on May reduced the registration stamp duty from 5% to 3% for properties costing between Rs 21 lakh and Rs 35 lakh in abid to give a leg-up to the ailing realty sector.