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In the recent times, Bangalore has witnessed rapid growth in the field of real estate and various other developmental activities. With the advent of lnformation Technology and Bio-technology people have started migrating to Bangalore 5.
But unfortunately, Government has failed to take any initiative to overcome scarcity of shelter and meet the needs of the people, irrespective of their economic class, which has resulted in steep hike in the market value of the properties in and around Bangalore 5 regions.
The Promoters !Builders and Land Owners are taking advantage of this situation by charging exorbitant rates for the lands. At this juncture, the only remedy available for the Government is to initiate the formation of Satellite Cities either by the Government alone or joint venture with the private builders or even encouraging in the private Builders to form on their own.
However, one welcome move by the Government towards the raise in the market value is that the Stamp Duty has been decreased by V2 %.
Nevertheless, obligation lies on the Government to control the market value of the property so that people, aspiring to own a dream house in Bangalore could become reality.