<p>Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar announced in the Assembly on Tuesday that the government is working on a new uniform law across Karnataka to safeguard the rights of apartment buyers and owners. </p><p>The new law will abolish the existing Karnataka Apartment Ownership Act, 1972 while subsuming the Karnataka Real Estate Regulation and Development (RERA) Rules, 2017. </p><p>This is expected to benefit Bengaluru where apartment-oriented realty activities are high. </p><p>"Action is being taken to introduce a new Karnataka Apartment Ownership Act, which will have uniform application in all cities and towns," Shivakumar said. </p><p>"At present, there's the 1972 law. Resident associations are being registered under cooperative societies. So, there are two separate departments. Then, there's RERA that came into effect in 2016. So, we want to abolish the existing laws and come out with a new one," Shivakumar said. </p>.'Not a single job created': Infosys comes under fire in Karnataka Assembly.<p>Shivakumar said this in response to a calling attention motion raised by Basavanagudi BJP MLA LA Ravi Subramanya on ensuring property ownership in Bengaluru. </p><p>"What's happening right now is, construction of an apartment starts on one PID number. Then, the same PID number is divided based on the number of flats. For example, PID number 1 become 1/2 and so on. Some portions are retained by the owner (of the land). The ownership of land remains in that person's name," Subramanya explained. </p><p>"Resident associations should get the ownership of land. After 30-40 years, redevelopment can't be taken up because the land will still be in the name of the original owner. Also, some landlords are misusing this to obtain loans from cooperative banks. So, the registered associations should get ownership," Subramanya said. </p><p>Shivakumar said "regular developers" do not do what Subramanya said after the implementation of RERA. "I myself have built properties. We handover documents to the association. Only the unauthorised and illegal developers do this," he said, adding that he has commissioned a comprehensive mapping of property documents in the whole of Bengaluru. "The association should be the owner of the property. It's the right suggestion. We'll do it," he said. </p>
<p>Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar announced in the Assembly on Tuesday that the government is working on a new uniform law across Karnataka to safeguard the rights of apartment buyers and owners. </p><p>The new law will abolish the existing Karnataka Apartment Ownership Act, 1972 while subsuming the Karnataka Real Estate Regulation and Development (RERA) Rules, 2017. </p><p>This is expected to benefit Bengaluru where apartment-oriented realty activities are high. </p><p>"Action is being taken to introduce a new Karnataka Apartment Ownership Act, which will have uniform application in all cities and towns," Shivakumar said. </p><p>"At present, there's the 1972 law. Resident associations are being registered under cooperative societies. So, there are two separate departments. Then, there's RERA that came into effect in 2016. So, we want to abolish the existing laws and come out with a new one," Shivakumar said. </p>.'Not a single job created': Infosys comes under fire in Karnataka Assembly.<p>Shivakumar said this in response to a calling attention motion raised by Basavanagudi BJP MLA LA Ravi Subramanya on ensuring property ownership in Bengaluru. </p><p>"What's happening right now is, construction of an apartment starts on one PID number. Then, the same PID number is divided based on the number of flats. For example, PID number 1 become 1/2 and so on. Some portions are retained by the owner (of the land). The ownership of land remains in that person's name," Subramanya explained. </p><p>"Resident associations should get the ownership of land. After 30-40 years, redevelopment can't be taken up because the land will still be in the name of the original owner. Also, some landlords are misusing this to obtain loans from cooperative banks. So, the registered associations should get ownership," Subramanya said. </p><p>Shivakumar said "regular developers" do not do what Subramanya said after the implementation of RERA. "I myself have built properties. We handover documents to the association. Only the unauthorised and illegal developers do this," he said, adding that he has commissioned a comprehensive mapping of property documents in the whole of Bengaluru. "The association should be the owner of the property. It's the right suggestion. We'll do it," he said. </p>