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The Akrama Sakrama, officially termed as the Karnataka Land Revenue Bill is finally going to be effective after considerably long gap since it was proposed. The bill is proposed as a method to regularize unauthorized constructions on government properties across the city of Bangalore.
The bill would be applicable wherever there is encroachment and significant violations of rules regarding property construction. This was a necessary move as more than 2.5 lakhs properties would come under the category of violations and illegal occupation of land. The government aims to collect a sum of approximately 5000 crores through regularization under the Sakrama scheme.
What could be the impact of Akrama Sakrama scheme on the realty sector here?
Bangalore is noted for its more or less stable real estate sector, which became prominent during the recent slowdown when many prime places in India experienced a dull phase regarding new launches as well as consumer interest.
And, Bangalore would find the Sakrama as a favorable move for real estate growth. Here is how.
With the huge amount of money coming from the scheme, infrastructure development of high level could be made possible. This would make the city more attractive and demand for properties here would surely increase.
In Bangalore, there are two mostly used words Akhata and B Khata. Often, they confuse investors. A B khata does not indicate property ownership at all, and is a mere list used as a means to collect tax from properties. Nowhere a B Khata has validity, and while reselling, there could be concerns.
Whereas Akhata means proper ownership of properties and is a valid document. So, there are less popularity and takers for B khata properties. In fact, the city has several B khata properties lying unsold. If they are sold, it would be a game changer for the city and would boost the realty sector.
This seems a possibility with the Sakrama scheme as B khatas could be regularized and converted to a Khata once the betterment charges are levied from such properties. Once they get the A title, people would have several opportunities.
And with increased supply,the property prices might go down within a very short term.
The bill would be applicable wherever there is encroachment and significant violations of rules regarding property construction. This was a necessary move as more than 2.5 lakhs properties would come under the category of violations and illegal occupation of land. The government aims to collect a sum of approximately 5000 crores through regularization under the Sakrama scheme.
What could be the impact of Akrama Sakrama scheme on the realty sector here?
Bangalore is noted for its more or less stable real estate sector, which became prominent during the recent slowdown when many prime places in India experienced a dull phase regarding new launches as well as consumer interest.
And, Bangalore would find the Sakrama as a favorable move for real estate growth. Here is how.
With the huge amount of money coming from the scheme, infrastructure development of high level could be made possible. This would make the city more attractive and demand for properties here would surely increase.
In Bangalore, there are two mostly used words Akhata and B Khata. Often, they confuse investors. A B khata does not indicate property ownership at all, and is a mere list used as a means to collect tax from properties. Nowhere a B Khata has validity, and while reselling, there could be concerns.
Whereas Akhata means proper ownership of properties and is a valid document. So, there are less popularity and takers for B khata properties. In fact, the city has several B khata properties lying unsold. If they are sold, it would be a game changer for the city and would boost the realty sector.
This seems a possibility with the Sakrama scheme as B khatas could be regularized and converted to a Khata once the betterment charges are levied from such properties. Once they get the A title, people would have several opportunities.
And with increased supply,the property prices might go down within a very short term.
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