Bangalore, over the years, has attracted realtors for their respective projects. The city enjoys suitable climatic conditions throughout the year and provides impeccable employment opportunities in the IT sector. Renowned as the IT hub of the country, Bangalore has witnessed increased infrastructure developments mainly in the corporate sector.
Karnataka Government set to certify “B” Khata properties- Landowners on a real-time high
Realtors like Prestige, Godrej and Sobha have created some of the finest corporate infrastructures to cater to needs and requirements raised by IT power-houses. Consequently, there are residential properties which are divided into two specific categories. These are “A” Khata and “B” Khata properties.
A Khata and B Khata properties- How does one differentiate?
The A Khata properties are basically residential spaces that are created or constructed by renowned land developers who adhere to norms set by the government and real estate regulatory bodies such as RERA as well as following taxation rules to avoid scrutiny. On the other hand, there are B Khata properties that are constructed by budding real estate developers in accordance with local property laws. These are residential plots or spaces who fail on complying to building bylaws and are not in agreement with government rules and regulations. According to recent real-estate statistics prevalent in Karnataka, there are almost 3 Lakh properties who comply with local laws in Bangalore and 1 Lakh of them are registered under B Khata.
Contributing to Civic and Social infrastructure in Bangalore
Currently, Bangalore infrastructure-related organizations like BBMP are in crisis as they aren’t able to generate revenues for future developments in the city. Taking this into consideration, the Government has come up with laws where they would be regularizing “B” Khata properties so there is extra revenue for the government, especially BBMP who are currently in a cash-starved dilemma. The goal behind this regularization is to provide sufficient sources of revenue so BBMP could offer civic amenities like building roads, bridges and other social infrastructures. This law which will be put forward holds good for properties that come under the “B” Khata category. As stated earlier, Bangalore has around 3 Lakh properties that comply with local laws and not laws that are put forward by the government such as RERA. Properties that aren’t under the “B” Khata section wouldn’t be eligible to be converted to “A” Khata list for excess revenue. Another thing to be noted is that “B” Khata properties can be sanctioned only post conversion fee payment. Due to this step, the Karnataka Government is set to make amendments in the Karnataka Land Revenue Act 1964.
What is the value added to residents and landowners?
Be it independent plots or residential apartments, the introduction of “B” Khata properties will provide significant value and benefits to residents and property owners. This would help in increasing surplus land inventory in case of rising demands. This is a great opportunity for “B” Khata property owners as they would be able to now construct properties that are in line with industry bylaws. Post-conversion to “A” Khata properties, “B” Khata properties will be more than just eligible to provide top-notch realty services to prospective clients.
Acquiring profitable bank loans
This is an added advantage for “B” Khata property owners as they would be provided with profitable property construction loans for site development. Devising amenities and floor plans would be no hindrance as these would be now under government bylaws for a smooth transition.
Therefore, this is a win-win situation for both property owners as well as the BBMP authorities. Favorable conditions for an affordable home are bound to increase after law implementations. On the contrary, overall social infrastructure development is sure to sky-rocket through the roof!