<p>Real-estate purchases are booming in Karnataka, according to data from the Department of Stamps and Registrations. </p>.<p>In 2022-23, property registrations grew nearly 30 per cent over pre-pandemic levels, fetching the state government around Rs 18,000 crore, a 20% increase over the budgetary target, data accessed by <em><span class="italic">DH </span></em>shows.</p>.<p>The opening up after the pandemic and the return of office-goers to Bengaluru spiked the demand, experts said.</p>.<p>“In Bengaluru, the main customer base comprising IT professionals was least affected by the pandemic and is taking the plunge now. Further, most prospective end-users prefer to take advantage of discounts and offers doled out by developers,” said Anuj Puri, chairman of the ANAROCK Group.</p>.<p>Many NRIs also invest in real estate, a real-estate analyst pointed out. “Because of an economic slowdown in other countries and global layoffs, many Indians are returning. And since the market is favourable, they invest in real estate,” the analyst said.</p>.<p>The boom applies to rural areas, too, said an official from the Department of Stamps and Registrations. </p>.<p>In 2020, the government amended the Karnataka Land Reforms Act, allowing even those without agricultural backgrounds to buy farmland. As a result, rural property sales are also increasing,” the official said. </p>.<p>Rural sales now contribute 50%, against 30% earlier, the official said.</p>.<p>That apart, rising rentals in urban areas and the need for better housing also contributed to the rise, said Suresh Hari, chairperson, CREDAI Bengaluru.</p>.<p>“Since many of them spent time at home during work-from-home, they have realised the need for a better living facility and are now investing in real estate. Many developers have also realigned their properties to meet changing needs,” he said.</p>.<p>Mamatha B R, Inspector General of Registration and Commissioner of Stamps, said the government’s decision to withhold the increase in guidance value encouraged people to buy property.</p>.<p>“There is a 15% increase in guidance value every year. But given the pandemic, it has remained unchanged for nearly four years. Buyers know it could spike any time soon. So many of them may have expedited property purchases,” she said.</p>.<p>The department also offered a 10% rebate on guidance value for all property transactions twice in 2022-23, driving up registrations. </p>
<p>Real-estate purchases are booming in Karnataka, according to data from the Department of Stamps and Registrations. </p>.<p>In 2022-23, property registrations grew nearly 30 per cent over pre-pandemic levels, fetching the state government around Rs 18,000 crore, a 20% increase over the budgetary target, data accessed by <em><span class="italic">DH </span></em>shows.</p>.<p>The opening up after the pandemic and the return of office-goers to Bengaluru spiked the demand, experts said.</p>.<p>“In Bengaluru, the main customer base comprising IT professionals was least affected by the pandemic and is taking the plunge now. Further, most prospective end-users prefer to take advantage of discounts and offers doled out by developers,” said Anuj Puri, chairman of the ANAROCK Group.</p>.<p>Many NRIs also invest in real estate, a real-estate analyst pointed out. “Because of an economic slowdown in other countries and global layoffs, many Indians are returning. And since the market is favourable, they invest in real estate,” the analyst said.</p>.<p>The boom applies to rural areas, too, said an official from the Department of Stamps and Registrations. </p>.<p>In 2020, the government amended the Karnataka Land Reforms Act, allowing even those without agricultural backgrounds to buy farmland. As a result, rural property sales are also increasing,” the official said. </p>.<p>Rural sales now contribute 50%, against 30% earlier, the official said.</p>.<p>That apart, rising rentals in urban areas and the need for better housing also contributed to the rise, said Suresh Hari, chairperson, CREDAI Bengaluru.</p>.<p>“Since many of them spent time at home during work-from-home, they have realised the need for a better living facility and are now investing in real estate. Many developers have also realigned their properties to meet changing needs,” he said.</p>.<p>Mamatha B R, Inspector General of Registration and Commissioner of Stamps, said the government’s decision to withhold the increase in guidance value encouraged people to buy property.</p>.<p>“There is a 15% increase in guidance value every year. But given the pandemic, it has remained unchanged for nearly four years. Buyers know it could spike any time soon. So many of them may have expedited property purchases,” she said.</p>.<p>The department also offered a 10% rebate on guidance value for all property transactions twice in 2022-23, driving up registrations. </p>
