Bengaluru: Out of 240 sub-registrar
offices in Karnataka, over 60% have
failed to reach the fixed revenue target for the initial seven months of
the current financial year, causing a permanent decline in the real estate
division in the state.
Reacting to this, the government has written a letter to 146 sub-registrar offices in the last
week of November, recording a reduction of 17%
for the period between April 1, 2019 and
October 31, 2019.
Someshwar Reddy, Quick Past Chairman (Karnataka), Builders Association of India (BAI), said, "A compound of circumstances, tax rates ranging from demonetization to rectification, economic downturn and lack of price rise in the market, everything on sale. There has been impact, which is speculation on registration in the state. "
Out of 146 offices,
33 are in Bengaluru urban district, four in Bengaluru rural and 13 in Mysuru.
And, in these offices which do not meet the 100% revenue target, some like
Shiva ji nagar have less than 1%, while others like Doddaballapur have a deficit
of 35%.
Nevertheless, in its letter to the sub-registrars, the Stamps and Registration Department has advanced requests about the valuation of the property. "It has been directed that sub-registrars, as in practice, assure that they accumulate funds, because they have been incurred due to valuation and due to incorrect order of documents."
Demonstrating how the wrong ordering of documents could
harm the government treasury, an official said, "For example, if the document of commercial property is classified
as residential, the change in services paid Will happen."
Both Realtors and officials acknowledged that the real
estate regulatory authority could have an impact. He said, "Now, before construction starts, they panic
to enroll a property for sale when construction is nearing completion,” one
of them replied.
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