Posts Tagged ‘Property Registration’
Monday, June 7th, 2010
Gone are the days when people had to wait in serpentine queues to purchase a stamp paper. The efforts of the Karnataka Government in promoting e-Stamp papers with the support of the public sector Stock Holding Corporation of India has started paying rich dividends. Nearly 175 e-Stamp sale counters have come up across the State. E-Stamp papers sale has gained popularity in Maharashtra and Tamil Nadu as well.
“It is almost impossible to produce a fake e-Stamp paper. Each paper carries a code and the paper itself has several security features. The efforts are on to open 400 e-Stamp vending centres across the State and of them 200 will be located in Bangalore where the sale of stamp papers is one of the highest.Credit for this should go to K.R. Niranjan who until recently was the Inspector General of Registrations and Commissioner of Stamps.” says S.N. Jayaram, the incumbent Inspector-General of Registrations and Commissioner of Stamps.
E-Stamp papers are available in select branches of Syndicate Bank, Canara Bank, Souharda Cooperative Bank, Indian Bank and Corporation Bank while Punjab National Bank and Karnataka Cooperative Apex Bank have come forward to open sale counters. Apart from this the new variety of stamp papers are also sold in nearly 50 post offices and this will be extended to another 50 by the Postal Department.In the two years from March 2008, a total of 9.53 lakh e-Stamp papers with a face value of Rs 73.19 crore have been sold in the State.
The introduction of e-Stamp papers and the opening of sale counters across the State will not merely counter the circulation of fake document papers but also net a rich revenue to the State exchequer.
Tags: Bangalore, document registrations, E-Stamp papers are available, e-Stamp sale counters, fake e-Stamp paper, karnataka, karnataka government, Property Registration, Real Estate India, stamp paper
Posted in News | No Comments »
Monday, January 18th, 2010
with the Governor, H.R.Bhardwaj, suggesting a thorough discussion on the issue on the floor of the Legislature, the hopes and aspirations of a large number of Bangaloreans to utilize the Akrama-Sakrama scheme and thus legalize their dwelling unit continues to remain a distant dream.
The much-touted scheme of the ruling BJP aimed at pleasing Bangaloreans has thus hit a roadblock right away with the Opposition parties keen on a full-fledged discussion on the subject which is likely only in the budget session of the State Legislature in March. Sources in the two main Opposition parties in the two Houses of the Karnataka Legislature, the Congress and the Janata Dal (Secular), told The Hindu that they are happy with the decision of the Governor to refrain from promulgating an ordinance.
“In 2004, the Governor T N Chaturvedi returned the ordinance with this message and then the government took three years to rectify and following objections the law was passed. It was also challenged in the Karnataka High Court which had stayed it. So how do you expect me to bypass both the legislature and judiciary?” asked Governor, H.R.Bhardwaj.
“It is an important subject which involves the lives of several lakhs of people. There has to be a full-fledged discussion on the Karnataka Town Planning (amendment) Bill.”
The two main Opposition parties in the two Houses were not per se against the Akrama-Sakrama scheme but were keen on a detailed discussion. It should be ensured that the scheme is only for the benefit of the common people and not for safeguard the interests of the real estate developers or commercial builders who have indulged in gross violations of building bye-laws.
The number of unauthorized constructions in the State has swelled with every passing year and what was four lakh when the regularization scheme was first proposed in 2004 has now touched nearly 13 lakh of which 10 lakh is in Bangalore alone.
Given the nature of the reply given by the Governor to the proposal of the State Cabinet to promulgate an ordinance, the regularization scheme is expected to be implemented well after the elections to the council of the Bruhat Bangalore Mahanagara Palike scheduled to be gone through on February 21. People will, however, have a year’s time to apply for regularization from the date of commencement of the process, although the cut-off date for regularisation has been fixed — December 3, 2009 — the date on which the State Cabinet approved the scheme.
Link to Refer:
The Hindu
Tags: akrama, akrama sakrama bangalore, Akrama-Sakrama scheme, Apartment, Apartment India, Bangalore, Bangalore East, bbmp, bbmp akrama sakrama scheme, bbmp bangalore, indian real estate, property, Property Registration, Real Estate India, sakrama
Posted in Bangalore | 1 Comment »
Monday, September 14th, 2009
Karnataka Stamps and Registration Department is considering over 2000 post office and equal number of public sector banks across the state for property registrations. The department has been running the pilot project for the e-stamping initiative at four sub-registrar offices in the city. Property buyers will not have to go through the hassle of paying the registration fee and stamp duty at the sub-registrar’s office from next month.
On a pilot basis, the department is planning to launch the facility in 75 post offices in Bangalore by next month. A public sector undertaking, Stock Holding Corporation of India Limited (SHCIL) would be in charge of keeping a centralized record of all e-stamping documents. E-stamping is computer based application which enables you to pay for stamp duty using electronic device.
The postal department wants to charge Rs 10 as an additional fee from customers for e-stamping denominations up to Rs 100, and Rs 15 for e-stamping denominations above Rs 100. This is in addition to 0.15 per cent commission per transaction, which post offices get from the government for the e-stamping.
The department in association with SHCIL, is implementing e-stamping to put an end to illegal benami registrations and for plugging revenue leaks. The post offices have expressed interest and are waiting for a final approval by the state finance department.
Links to Refer:
Property Registration at post office
Tags: Apartment, apartment buy-sell, Bangalore, guidelines, Housing, indian real estate, market trend, property, Property Registration, Real Estate India, Stamp duty, Tips
Posted in Bangalore | 3 Comments »
Wednesday, August 19th, 2009
The Karnataka land revenue bill 2009 seeks to regularize unauthorized layouts and house sites developed prior to December 31, 2008. The details of the regularization process will be drafted in the rules to be formed under the amendments to the Land Revenue Act. There are large number of people who had constructed houses in unauthorized layouts or on unauthorized sites and were not in possession of valid ownership documents.
The Karnataka land revenue bill 2009 seeks to regularize unauthorized layouts and house sites developed prior to December 31, 2008.
It is a one-time measure to provide relief to a large number of people who had constructed houses in unauthorized layouts or sites. Nearly five lakh persons have purchased such sites and built houses thereon and are facing undue hardships. This is a one-time comprehensive scheme subject to certain reasonable conditions.
The legislation seeks to regularize all unauthorized structures and even the layouts and house sites formed on revenue lands, which include agricultural lands. In a way, the regularization announced under the Revenue Act is another format of the Akrama-Sakrama scheme contemplated nearly two years ago and has been awaiting implementation. However, that scheme is only pertained to jurisdiction of BBMP while amendment of bill is applicable to all over the state.
Under the new legislation, unauthorized structures or sites in natural drains, on government lands, the applicant has no title, beneath high tension lines etc., will not be regularized.
The H.D. Kumaraswamy-led coalition Government had taken pains to implement the Akrama-Sakrama scheme in 2007 and it was then estimated that nearly six lakh unauthorized constructions in Bangalore would stand to benefit. Under the new legislation, some of the conditions include — unauthorized structures or sites in natural drains, on government lands, coming in the way of existing or proposed rings roads, national highways etc, belonging to another person over which the applicant has no title, beneath high tension lines etc., will not be regularized. Property owner with more than two floors have to produce a certificate from a structural engineer and a no-objection certificate from the Fire and Emergency Services Department.
Links to Refer:
Opposition for debate on Land Revenue Bill
Unauthorised layouts, sites to be regularised
Tags: Akrama-Sakrama scheme, Apartment, Apartment India, Bangalore, Bangalore East, bbmp, indian real estate, karnataka land revenue bill, market trend, property, Property Registration, Real Estate India, regularize unauthorised layouts, Tips
Posted in Bangalore | 1 Comment »
Wednesday, August 19th, 2009
Register property with alternative documents
After two-and-a-half years of rigmarole over khata transfer and endorsement which had put property registrations in the erstwhile urban local bodies in a limbo, the Karnataka government has facilitated the sale-purchase transactions by suggesting alternative documents.
The government issued a fresh notification on August 12, 2009 about the acceptable documents during registration.On Aug 14, the inspector general of registration and commissioner of stamps K R Niranjan has written to the sub-registrars to follow the new guidelines and open up the registrations.
Since 2007 after the urban local bodies came under BBMP fold, property Owners who wanted to sell their properties could not do so. Now the government issued a fresh notification on the acceptable documents.The registration process for apartments located in these areas has also been made smooth now.
The khatas issued by the erstwhile CMCs, TMC or panchayats to which your buildings/sites belonged before becoming a part of the BBMP, will suffice to do property transactions.
You can submit following documents during property transaction
For buildings/sites in old urban local bodies:
- copies of khata and assessment extracts issued by CMCs, TMC or village panchayats to whose jurisdiction the properties belonged
- copies of property tax application and tax paid receipt under BBMP’s Self-Assessment Scheme
- Sale of apartments: copy of registered sale deed of first transaction
Links to follow
register property with alternative documents
Khata Transfer
Tags: alternative document, Apartment, apartment buy-sell, Apartment India, Bangalore, bbmp, guidelines, indian real estate, khata, property, Property Registration, Real Estate India, Tips
Posted in Bangalore | No Comments »
Monday, June 22nd, 2009
Stamp duty on General Power of Attorney (GPA) based documents has been reduced by state government to 6 per cent. An ordinance promulgated on June 4, Stamp duty for GPA-based document was reduced along with cut down in stamp duty for first sale of apartments.
Union government has asked state government to reduce stamp duty to bring uniformity across the country. The buyers will have to pay stamp duty 6 per cent and 10 per cent cess on stamp duty and depending on the place of transaction additional duty on stamp duty and a surcharge will be imposed. A stamp duty of 6.72 to 6.78 per cent will be levied on transaction which includes surcharge, additional duty and infrastructure cess.
Reduction on stamp duty for GPA-executed sales deed will benefit to property buyers in urban area when comparing with rural area property buyers. Normally transaction of GPA-executed sales deed is found in urban areas such as Bangalore, Mangalore, Mysore and other urban areas. In urban areas GPA executed sales deed could amount 5 per cent of total transaction and it is around 1 per cent in rural areas.
If the transaction is in corporation limit, surcharge and additional duty of 2 per cent on stamp duty will be levied on transaction and the transaction in gram panchayat limit such transaction will levy 3 per cent on stamp duty.
Reference:
Stamp duty cut on sale deed executed by GPA
Knowledge-Articles for residents of apartment
Tags: Apartment, apartment buy-sell, Apartment India, Bangalore, bbmp, Buying, Housing, indian real estate, market trend, property, Property Registration, Real Estate India, Stamp duty
Posted in Apartment Buying | 2 Comments »
Monday, June 15th, 2009
The Stamp and Registration Department will catch up and implement e-stamp project for registration of property. From this August onwards, you will not have to stand in long queue at sub registrar’s office or in bank to purchase stamp papers.
E-stamping is computer based application which enables you to pay for stamp duty using electronic device. It is safe, secure and easy process of paying stamp duty when comparing to traditional stamp duty payment. In short, “e-Stamp” means an electronically generated impression on paper to denote the payment of Stamp duty, by Central Record Keeping Agency or ASC.
At present government has authorized national banks to sell stamp paper and these bank will continue issuing stamp paper but not under e-stamping system. Government will take decision on whether to with draw the service or not depending on success of e-stamp paper. The system was launched with association of Stock Holding Corporation of India Ltd (SHCIL).
In future, payment of stamp duty will be collected by Authorized collection Centre (ACC) or Authorized Stamping Center (ASC). The ASC official will feed details of transaction after collecting stamp duty and will generate a stamp duty paid certificate. This will not take more than five minutes. The revenue department has framed separate rule under Karnataka Stamp Act for implementing e-stamping system The Karnataka Stamp (Payment of Duty by Means of e-stamping) Rules, 2009.
E-stamp certificate is temper proof with security features such as 2-dimensional barcode, watermark and micro-digiting. The agents have to register with SCHIL and need equipments such as computer with internet, printer and other related infrastructure. Agents could be post office, banks or charted accountant and they will get 0.15% from SCHIL on each transaction. E-stamping was launched by the state government in 2008 with a pilot at Gandhinagar sub-registrar office which spread to other four SR offices.
Applicants for e-stamp duty need to pay ASC official for stamp duty and they will feed the details or information provided by applicant and downloads the e-certificate. The print out of same is taken and sign with date and official seal. Non-washable permanent black ink is to be used by official to sign. Applicant can go to sub-registrar office with the certificate.
Links to Refer
Tags: Bangalore, bbmp, Buying, e stamping, e-stamp, Housing, indian real estate, property, Property Registration, Real Estate India, Stamp duty, Tips
Posted in Apartment Buying | 1 Comment »
Tuesday, June 9th, 2009
In India real estate business is one of the successful industries which offer good deal for both buyers and seller. In real estate market all buyers are not buying property for long-term purpose. They hold property for short-term and sell when they get marginal or good profit on the property. These profits become good income at the end of year.
To succeed in real estate business you need to know basic market trend and some experience in property transfer. Patience is very important in real estate business. You may some times encounter failure or loss in one or more transaction but you need to stick in the business to gain more.
While investing in real estate business, you need to know laws relating to property, taxation, updates of financial and banking rules etc. This will help you to know the market trend and the right moves you need to take, whether to buy or sell the property. For example, now you can see cut down in property rate, lower interest rate for home loan, cut down of stamp duty and so on. This indicates that this is buyer market and it is right time to buy property for selling in future.
You need to have good relation with people who are investing in real estate business. A good networking helps you to get best deal and more opportunity to invest and transfer the property at profitable rate. Real estate business needs hard work and smart investment to achieve success. It may take some years to earn big profit but you can get marginal profit on your transaction and learn new experience in each transaction.
Negotiation skill is important for surviving in this field. You need to negotiate well when buying a property and when selling the property you need to sell them for marginal profit. You need to know when to walk away from the bad deal.
Real estate business offers good return if you know the trend and idea of transferring the property. Patience is very important for surviving the failure in real estate business. You need to know laws relating to property, banking rules and Income tax laws. Good negotiation skill is tool for success and walk away from bad deal is wise than investing or suffering the loss. Make good market research before you invest or step into real estate business.
Tags: apartment buy-sell, apartment prices, Bangalore, Buying, Home Loans, indian real estate, market trend, property, Property Registration, Real Estate India, recession
Posted in Housing India | No Comments »
Monday, June 8th, 2009
Income tax department is keeping track on property transaction to trap tax dues. The trap is set for those who under valued the property to escape the Income Tax net. It is found that there was large revenue pilferage even from small-value property transactions too.
The small value properties are under valued during registration for escaping from income tax net. Income tax department has asked sub-registrar to submit the details of property transaction starting from Rs 5 lakh. This is to examine the sales deed that shows the price of property and compare the guidance value. If there is difference between guidance value and price in sales deed, the same is brought under Income Tax net.
Earlier high value transactions were being scanned by Income Tax Sleuths. Sub-registrars were directed to furnish the details of high value property transaction to track down binami registrations. Until realty boom went bust, investing in immovable property was the best option to invest undisclosed income. The income tax has setup the trap to track those who invested property in binami registration and those who under valued their property to escape from income tax net.
Link to Refer
Times of India
Tags: Apartment, Apartment India, Bangalore, income tax, indian real estate, online tax, Property Registration
Posted in Apartment Buying | No Comments »
Saturday, June 6th, 2009
Capital gain tax is not new for investors in real estate. Capital gain tax is tax you pay for capital gain you made by transferring capital. Capital gain is gain or profit derived from sale of capital investment such as property, shares, mutual fund, debentures etc. If you sell the property or capital investment for price more than what you bought is called capital gain and if the transfer is made for price less than purchase price is called capital loss.
Re-investment on residential property is best way to avoid capital gain tax. You can avoid paying capital tax if you re-invest the capital gain in any residential property which is either ready to occupy, construction in progress or purchasing any plot for construction of new house.
If you are re-investing capital gain for new house which is ready to occupy, you must invest within one year or two years after transfer. If you re-invest capital gain for purchase of residential property within specified time you can claim full exemption. If you are re-investing capital gain for buying plot to construct a new house, construction must be completed within three years from date of transfer.
Investors are attracted to real estate with lower rate of interest on home loans and cut down in stamp duty for registration of property. Now you can avoid capital gain tax on your capital gain by re-investing on your dream property.
Tags: capital, capital gain tax, capital gains, exemption, property, Property Registration, tax
Posted in Apartment Buying | 1 Comment »
