Friday, July 19, 2013

Leading Property advocates frank talk on Issues..

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            Fractured Verdict; All the political parties who were dreaming of occupying the pivotal chair at Vidhana Soudha are dumbfounded. The unseen voter has proved how powerful he Is, 'A coalition government of any two major fronts Is the only possibility but it should be coalescent. 

            Whatever may be the form, nature of the government, it should not lock the land by legislating too many restrictions on property transactions. This would only increase the land price, and hoarding of the land with the middlemen playing havoc, leading to artificial price spiral, a repetition of post 1996 scenario. The incoming government should realise the importance of real estate sector, mother of all sectors, on which many major small cottage industries are dependant. 

            The government must further liberalize the land transactions.The conversion of agriculture lands to residential, commercial or industrial purposes requires more relief to avoid construction, layout formation in revenue lands. But building byelaws and FAR should be strictly enforced to ensure planned development. 

            Stamp Duty on property transactions is very high in Karnataka, because of which many transactions are under valued and not registered. Though the uniform stamp duty in the entire country is a distant dream, the incoming government may lower the stamp duty to a reasonable level and should not increase the guidance market value of the property

            The proposed Capital based Property Tax has not found favour with public, with too many aberrations, abnormal increase of tax of residential properties. The property tax should not be a burden to property owners. The incoming government shall review the Capital based property tax and advise the local bodies to continue the present self assessment scheme for some more years. 

            The present green belt area needs revisit. With the rapid and explosive expansion of the city, the green belt area has lost its relevance, more often helping the corrupt officials. lnsteod of having a green belt area around the city, sufficient lung spaces may be developed all over.

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