The Government in Karnataka is is said to bring about the needed change and transformation in the concerns related to property revenues this was done mainly to check deceitful land deals, illegal formation of layouts and there were corruptions in the sub registrar offices.
It was also told that the government will mount new rules and regulations to curb registration of revenue sites, it also promised to check the bourgeoning of illegal layouts and sleaze in sub- registrar offices within the city of Bangalore.
The government will make computerized online registration of properties by accelerating the ongoing process of assimilating Kaveri (Land Registration) and Bhoomi (Land Records) the two e-governance pattern of the state government.
This newly designed system will not only abridge the registration process but this will also stop the evil practices of fake registration and other corrupt activities. Such activities are much prevalent in Bangalore’s rural areas.
It is also expected that the government will soon bring in changes to the existing act to render effect to the right to center’s fair reimbursement and limpidity in land attainment, reestablishment and the resettlement act as of 2013. This will undoubtedly provide a just and fair recompense to those poor land owners who lose source of revenue due to property acquisition.
The department will soon be ready with an accurate and physical time bound plan of action. This will target for the repossession over 4.5 Lakhs acres of government property infringed by the state-run governing body.
The Deputy Commissioners have been appointed to formulate a plan of action relating to their respective districts on the directions from the high court in answer to a PIL filed by the Samaj Parivartan Samudava.
There are hopes associated that once the plan falls in its place they will probably move ahead with the operations to retrieve the invaded property.
He makes his home where the living is best.
Bangaloreans are trapped in a strange situation, which is letting them suffer many sleepless nights. The crawling construction progress of their dream house is the root cause of their unhappiness. This problem is worth a concern as they hardly see any progress in the construction of their dream house. These parties in a tough situation are making worried calls to the developers to know current status update on their house and the expected time for the things to come in shape. Even after making the payment at one shot the construction isn’t happening as per schedule and getting delayed for some or the other reason. The bankers who are financing certain housing projects demands for the complete payment in checks and as committed by the bank the EMI also starts getting deducted instantly, irrespective of the fact that the construction is happening at a very ground level.
This delay in acquiring the possession can be due to the various reasons of some pending municipal approvals and some other disputes. The rising property price can also be one of the reasons for the delayed construction. The developer might not give the possession in the hope of making the buyers pay even more than the amount at which the agreement was signed earlier.
Delays in giving the possession to the customers can also happen in case of conflicts between the bank and the developer as the bank may refuse to finance the developer’s project. Scarcity of funds may also result into delays. Any legal action against the developer also may result into one of the factors for a slow construction and a delayed possession. Experts recommend that one should keep of the track of the construction site by at least visiting it once in a month. The social and political unrest, some natural calamity or any unforeseen event may account for one of the reasons beyond control for the delay in the construction and possession of your dream house.
The developers are also at loss as they fail to serve the customers timely as per their commitments. They are indeed loosing valuable customers who can add Credibility and Good will to their housing projects. They are losing on valuable investors who can make better Real Estate investments for their future projects. There are a few developers who prioritize money over reputation. Due to the direct and indirect losses accounting to the loss of money lost during the delayed possession of the house to the consumers, the real estate industry is being tarnished; this it is majorly affecting the buyers at a larger scale.
A piece of advice which could save the consumers of falling a prey of such delays is that they should add an indemnity clause in the construction agreement. The core aspect of this clause is that there will not be any deviations in the sanctioned plan which is in black white from the developers irrespective of the reason.
Though, the country’s financial hitches in the last few quarters obstructed the prospective growth of other sectors including the industry and services, the real estate sector remained untouched with the economic drawbacks. The real estate sector witnesses development and expansion in the construction and infrastructure segment, which saw a robust demands and investments. Remarkably, the real estate sector has been immensely profited from the growing curiosity of foreign investors and also due to the infrastructure sector that saw funds on the public-private partnership pattern that prevailed and aided in earlier.
The latest report of The Economic Times stated that for the expansion and further development of the realty sector vast investments in this sector in the coming year is needed. The report also stated that the residential segment alone in the real estate sector would need an investment of around $ 42 billion and affirming $29 billion in the next 12 years.
The real estate sector of the country has witnessed a significant growth in the last decade and presently the sector comprises of about 63 per cent in the country’s GDP. In the growth of the real estate sector, the residential segment has led the development of other segments in the reality sector like the retail, commercial, and hospitality segment. Hence, the investment requirement is more in the residential segment as the demand for the affordable houses is rising across the Tier-I and Tier II cities of the country.
In the recent past, the real estate sector in India has planned to extend its boundaries in order to meet the demand, develop the investment networks and to aid the growth path. Therefore, the real estate investments trusts (REITs), ease in FDI policies and improved regulatory policies are anticipated to aid in the growth of the sector. Over the last few quarters, the amplified financing possibilities and contribution of different investment assets like the pension, FII funds, and venture have been supportive for this sector.
In regards with the country’s economy, the real estate sector is considered to be favorable in the development of other industries of the economy. One such industry is the manufacturing, which has seen development due to the assets around the metro regions and tier-two cities in housing needs. Whereas, the growth in the economic activities of various other sectors is sustained by commercial, retail and hospitality segments.
Interestingly, the progress in the real estate sector of the country is subject to the matter of attention in the Indian economy and at present the predictions for growth and the forecasts in investment is improving.
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