[ad_1]
The Karnataka government will digitize property tax records of all 20 lakh properties in Bengaluru and issue digital e-Khatas from 2024-25, Chief Minister Siddaramaiah said in his budget speech on February 16.
In a boost to Karnataka’s economy, shops and establishments will be allowed to remain open until 1 am in Bengaluru and 10 other corporations, state government announced in its budget.
The chief minister also said that additional non-tax resources of ₹2,000 crore will be mobilized through revised advertisement policies and premium Floor Area Ratio (FAR) policy from this fiscal year.
He said that the areas of focus for the Karnataka government will be to promote public transport to reduce traffic congestion and pollution in Bengaluru.
Also Read: Brigade Group plans to launch more than 6.5 mn sq ft of housing projects in Bengaluru and Chennai; Invest ₹2700 cr
The chief minister said that by March 2025, an additional 44 km will be added to the existing 74 km of Metro lines. Metro Rail project Phase-2 and Phase-2A from Outer Ring Road to Airport Road will be completed by June 2026. He announced that the Metro Rail Service in the city has become profitable (operational profit) for the first time in its history this year.
Siddaramaiah also pointed out that the state government has accorded administrative approval for works under Namma Metro Phase-3 at an estimated cost of ₹15,611 crore. Approval of the central government is awaited, he said.
Regarding city buses, the chief minister said that 1,334 new electric buses and 820 BS-6 diesel buses will be added to the BMTC fleet in the coming days.
Also Read: Bengaluru real estate: 70% realty assets in the city developed through joint development agreements
On the PM Awaas Yojana, Karnataka CM said that the scheme has slowed down in the state as most of the beneficiaries could not afford to pay their contribution of ₹5 lakh.
Digitization of property records in Bengaluru
With a substantial allocation of 3.5 lakh crore, the government underscores its dedication to state-wide growth and transform Bengaluru into a world-class city. “Proposals like the white-topping of major roads demonstrate a commitment to infrastructure development and urban renewal, paving the way for a cleaner, more efficient Bengaluru,” said Shantanu Mazumder, Executive Director – Bengaluru, Knight Frank India.
Commenting on the government’s announcement that records of all 20 lakh properties in Bengaluru will be digitized, real estate experts said that the move will help streamline property transactions, improve tax compliance, and reduce fraudulent activities, making the market more efficient and attractive to investors.
“This is a great initiative by the state government and a right step in the direction of administrative reforms through technology and modernization of asset records,” said Mallanna Sasalu, CEO of Provident Housing Ltd.
Also Read: Bengaluru ranks 8th and Mumbai 9th in annual housing price growth index across Asia Pacific region
Ashish Sharma, City Head – Bangalore, ANAROCK Group, said that the move move aims to modernize property management and boost transparency in the real estate market. It will help streamline property transactions, improve tax compliance, and reduce fraudulent activities, making the market more efficient and attractive to investors.
“Enhanced transparency and efficiency can lead to faster transactions, increased investor confidence, and higher property values. Additionally, digital records could facilitate easier access to credit and a more stable rental market by providing clear ownership records. Effective implementation and security of these digital records are crucial for maximizing the benefits of this initiative,” he said.
Also Read: Embassy Group inks Joint Development Agreement for 3.75-acre land in Bengaluru
“Digitisation of property tax records will catalyse the planning and execution of infrastructure projects by creating more clarity with the land titles simultaneously, breaking departmental silos and bringing new opportunities for inter-departmental collaboration to boost the revenue collection collectively,” said Vivek Rathi, National Director Research, Knight Frank India..
Another announcement in Budget 2024 was that the shops and establishments would be open until 1 am. “This will help boost consumer spending. Extended hours will directly benefit majorly the retail, tourism, and hospitality sectors. In areas where the reform leads to increased economic activity, the real estate sector may benefit from rising demand for commercial properties,” he added.
[ad_2]
Source link
