The property owners whose assets fall under B-khata have a reason to cheer as the Karnataka Government is planning to regularize the properties under the same boundary according to the corporation limits. In order to take make this important move, the State Government is required to make necessary amendments to the Karnataka Land Revenue Act, 1964.
This is a positive step in many aspects as the property value will increase hugely once the owners obtain an ‘A’ khata for which they are required to pay improvement and conversion fee. Apart from this, all property owners will become eligible applicants to avail home loan facility.
Manjunath Prasad, BBMP commissioner submitted a proposal to the Government and expects to have a systematic development of layouts in the city.
G Parameshwara, Karnataka’s Deputy CM and Bengaluru development minister looks impressed with the proposal and the same is likely to be tabled in front of the cabinet sources said. The BBMP [Bruhat Bengaluru Mahanagara Palike] is expected to earn revenue of Rs. 1,000 crore if the proposal gets approval from the cabinet. BBMP is currently facing a financial crunch and this proposal is likely to offer some relaxation to the corporation.
Earlier, Mysuru, the royal city of Karnataka got ready to witness a positive property market as more than 100+ projects had applied for registration under Karnataka RERA. Prior to receiving these applications, Sunil Kumar, Secretary of RERA Karnataka said that the authority sanctioned 65 projects out of 109 applications and the remaining are under approval process. Secretary further said that no project faced rejection till now.