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Posts Tagged ‘Property Registration’

Property Registration in New Areas Has Come Down

Thursday, June 4th, 2009

Residents of new areas is facing problem of property registration by merging of some urban local bodies with City Corporation by BBMP . As per rule when urban local bodies are elevated with city status, fresh Khatas to properties in CTC/TMC/ village panchayats should be issued by City Corporation. This is for proof or endorsement that the properties have been transferred to corporation limits.

However, merging of eight CMCs, one TMC and village panchayat with City Corporation seems not in smooth for property registration. Residents in new areas are facing problem for property registration as sub registrar insists BBMP must issue an endorsement stating that property comes under their jurisdiction for transfer or registration of property but BBMP has not streamlined khata of CMCs. This directly or indirectly leads to come down of property registration in new areas.

According to guidelines of state revenue department on registration of property or transfer of property, property owner must submit the endorsement or new khata extract along with other documents for registration. The endorsement will state that property belongs to jurisdiction of BBMP but BBMP is going slow in issue of new khata. Inspector general of registration and commissioner of stamps clarifies that though department has come out to help residents of new areas BBMP has not shown any co-operation till now.

BBMP states that new khata cannot be issued without verification of existing khata. If the khata is issued without any verification it will be like legalizing illegal or encroached property by putting seal of approval. They also states that if any discrepancy comes fingers will first point to BBMP.

In short, residents of new areas cannot register or transfer property unless they get endorsement from BBMP or BBMP issues fresh khata. Residents in new areas are upset with BBMP process and procedure.

Hopes in All Industries with Stable Government

Friday, May 29th, 2009

In spite of recession, stable government has raised hopes in all industries. During election there was slowdown in real estate sector but stable government has raised hope of buyers and seller. Election was important due to economic slowdown and uncertain future but election results have surprised all. The outcome of is stable government, hope for positive steps and hopefully the government taking faster and more aggressive decisions to stimulate the economy for a higher growth.

Stable government has brought hope to real estate sector and investors hope government will introduce measures towards affordable housing, increasing tax rebate on home loan, provide infrastructure status to residential townships and according industry status to the sector will facilitate easier bank finances for these projects. Government will restore confidence of customers by passing of the land acquisition, rehabilitation and resettlement bill and model real estate regulations bill. This will attract more foreign investors to domestic real estate.

Liquidity and business dynamic are major two major factors impacting real estate. Realtor is confidence as lenders of capital (debt and equity) have become less risk-averse. There is improvement in access for capital and they are watching for uptrend on the business front.

Buyers and investors are happier as government comes up with new guidelines to property registration and cut down in stamp duty. First-sale buyers can also enjoy the benefit of 6% stamp duty from this June onwards. We can see rush of property buyers to register property from June.

Reference:

Times property

Property Registration Is Getting Cheaper

Monday, May 25th, 2009

Stamp duty for property registration was reduced from 7.5% to 6% and the first-sale flat was made this benefit available. Now overall registration will go down, government will reduce cess and surcharge.



The notification will be issued next couple of days and this revised levy will be in effect from June. The notification will also include new flat rate of Rs 1000 for stamp duty and Rs 500 for registration of documents registered as gift deed.

From the June, property buyers in urban areas like BBMP, corporation and urban local bodies will pay 7.72% towards property registration and buyers in rural areas such as Taluk or village panchayats, agricultural lands will pay 7.78%.

A certain percentage of stamp duty is charged towards surcharge and infrastructure cess. With the reducing of stamp duty these rates will also come down. If a buyer is paying Rs 94,000 for urban property valued at Rs 10 lakhs, he will pay Rs 60,000 towards stamp duty, Rs 6000 towards infrastructure cess. From June onwards surcharge for rural areas will be only Rs 1,800 and Rs 1,200 for urban areas. Registration fee will be upwards of Rs 10,000 Levy for total registration will be Rs 77,200 for urban and Rs 77, 800 for rural.

Government amended the Karnataka stamp Act 1957 and brought “parents” under the “family” definition in the Act. Gift deed among family would attract just Rs 1,000 as stamp duty irrespective of property value and flat registration fee of only Rs 500.

Links:

TOI: Property registration set to get cheaper

Property Registration made easier

Friday, May 22nd, 2009

To bring uniformity in registration of property Revenue department issued list of guidelines to sub-registrar. This will bring uniformity in registration of property across state. Property buyers are happy as recently there was cut down in stamp duty for first-sale flat and now property registration has made easier.

The new guidelines bring relief for citizen of Bangalore as they will not be harassed demanding various documents for registration. Earlier there was no uniformity in documents required for registration and property owners often complaints that they are unnecessarily demanding various documents.

There are six documents importantly required for registering property under BBMP or any corporation. Khata, Pan Card, Affidavit, Sanction plan, title deed and declaration in form1 under Karnataka stamps rules 1977 are the documents required for Property registration.

Link

Guidelines for uniformity and easy registration of property

Hindu: Registration process made easier