Is housing demand increased after the registration charges in Bangalore slashed?

Is housing demand increased after the registration charges in Bangalore slashed? There has been a recent reduction in the registration charges in Bangalore city. So, if you want to buy a property then this cut has provided a good investment opportunity.

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To push the realty sector in Bangalore the Karnataka government has made a cut in property registration charges. It has been reduced from 5 percent to 3 percent for flats that cost less than Rs. 20 Lakhs. This is also applicable for the industrial property investment.

This reduction will save approximately up to Rs. 40,000 but the main matter of concern is the availability of flats in the price range of up to Rs. 20 Lakhs. Anyway it will boost the affordable housing sector for sure.

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Not only this, earlier in this year the government reduced the stamp duty to 3 percent from 5 percent. The property should be priced between Rs 21-35 Lakhs. However, in 2019 it was 2 percent for the properties ranging up to Rs. 20 Lakhs.

Here's a peek into the changes in the stamp duty in Bangalore. If the Buyer is Male, Female, or a Joint Owner it will be 5% above Rs.35 Lakhs, 3% for properties Between Rs.21 Lakhs and Rs.35 Lakhs, and 2% for Properties Less Than Rs. 20 Lakhs.

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In Bangalore the registration charges can be calculated with diverse standards.

For example:

• Calculating the registration charges in multi-storied apartments includes the super built-up area.
• In case of a plot, registration charges the area of the plot is multiplied by the current guidance value of that area.
• For independent houses, the total built area is estimated.

Surcharge on Stamp Duty

If a buyer is purchasing a property above Rs. 35 Lakhs in an urban locality then the property will have a cess of 10% along with a surcharge of 2%. In rural areas, buyers have to pay a surcharge of 3%.

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Bangalore Registration Charges fosters Upward Swing for the Realty Sector

With the reduction in the property registration charges in Bangalore, it became easy for buyers to realize their dreams. Now, they can own a home at a lesser price therefore boost revenue from property registrations.

With this step government is expecting to recover losses that are caused by the postponed property purchases. It will encourage the buyers to make their investment and will also help in.

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The government also anticipates recovering the losses caused by the postponed property purchases. This move will not only encourage the buyers but also bracing the COVID-hit housing sector.

COVID has impacted every sector leaving none. As per reports from the Federation of Karnataka Chambers of Commerce and Industries (FKCCI) there were almost 88,450 flats were ready for registration. But as soon as the restrictions were removed only 8,000 flats got registered, leading to an increase in government revenue from Rs.30 Crore in April 2020 to Rs.398 Crore in May 2020. The revenue rise up to Rs. 746 Crore in June 2020 after sliding down to Rs. 607 Crore in July 2020 post a week-long lockdown.

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The registration charges do not stay the same indeed it varies with the prevailing market rate and property market conditions. This decrease will surely reduce the burden and stress on the buyers. Stamp duty reduction adds more benefit to the Bangalore housing market to make a comeback.

Buyers can expect competitive and best prices in the real estate market as lockdown hampered the market severely. Apart from that, an investment made in real estate now will also help to keep the economy stable and running.

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