Three weeks have passed since Revenue Minister R Ashoka announced the extension of the 10% indicative value rebate for all real estate transactions, but the government has yet to issue an order in this regard.
Public pressure is mounting on Bengaluru sub-registry offices as citizens wait for the refund to go into effect.
On July 25, Ashoka announced that the 10% discount would be extended for another three months. It was in place between April 25 and July 24.
Talk to DHa Deputy Registrar from Bengaluru South said: ‘Property registration has declined over the past few weeks and citizens visiting our office are checking to see if the extension has been done.’
According to the sub-registrars, many people are waiting for the extension order to register their properties as it will save them a certain amount.
“For example, registering a 1,200 sq ft property at Halagevaderahalli in Rajarajeshwari Nagar would cost Rs 3,32,607 including stamp duty. With the 10% discount, the same would cost Rs 2.97,000,” an official from the revenue department explained.
It can be recalled that the discount was first granted from January 1 to March 31 this year to boost property registration in the post-pandemic scenario. The government claimed the surrender was a success, resulting in increased revenue.
Principal Secretary (Revenue) SR Umashankar admitted that property registration has seen a drop as people wait for the 10% discount. “The proposal is pending with the Ministry of Finance,” he said. “The Chief Minister has also agreed to extend the 10% discount for another three months. Once cleared by the finance department, a formal order for a three-month extension of the discount will be issued,” he said.
Chief Minister Basavaraj Bommai has set Rs 15,000 crore as the revenue collection target for the Department of Stamps and Registration for 2022-2023.