Real estate body puts forth expectations for the sector with policy makers
Bengaluru 21st February, 2023: Against the backdrop of the country becoming a USD 5 trillion economy, the Karnataka Chapter of CREDAI hosted a state conference themed, ‘Realty in a 5-Trillion Economy’, in the city on 20th and 21st February, which was inaugurated by Revenue Minister, Govt of Karnataka, Shri R Ashok.
Inaugurating the 2-day event, R Ashok said that the government has undertaken many programs for the betterment of the sector along with CREDAI. “Act 79 A & B has been removed which will benefit the industry. Act 109 removal too has helped in Karnataka land lock release. Even land conversion time has been brought down to 7 days,” said R Ashok while addressing the members of CREDAI Karnataka.
During the 2-day event, the industry body connected with policy makers and relevant stakeholders of the industry. Eminent speakers from across the country participated in the deliberations spanning over the two days.
Viewed largely as an unorganised sector in terms of labour mobilisation and employment, the real estate industry is currently faced with multiple challenges. Given this scenario it is perceived to be a difficult task to meet the requirements and demands posed by a 5 trillion economy by merely addressing the major metros. This is more so given that Artificial Intelligence, Information Technology and other new-age innovations finding minimal utilisation in the real estate sector even though they harbour high potential and being used extensively in other fields.
“We sincerely appreciate infrastructure development that the State government continues to do in Karnataka. To further the pace of development, we request suitable policy changes to enable Ease of Doing Business, including a single window clearance for approvals with a time limit cap for the sanctioning process”, stated Mr Bhaskar T Nagendrappa, President, CREDAI, Bengaluru.
If efficiency and responsibility in terms of deliverables need to be in place without hampering cost, there needs to be a movement from the unorganised to the organised in the space of human resource segment while specific areas will need to be identified to make the real estate industry more credible, Mr. Nagendrappa added further.
In keeping with this sentiment, CREDAI Karnataka Chapter put forth to the State Government its key expectations as takeaways from the conference.
- Creation of single window for approvals to ease transactions between builder and end consumer
· Reduction of Stamp Duty and Registration fees from the current 6.6 per cent to 3 per cent on the
lines of World Bank policy
· Establishing a common forum between CREDAI and government to take cumulative divisions/decisions
whenever required
· Greater awareness of RERA and the opening of 5 more branches in the Northeast, South and West
- Creating greater awareness of Pradhan Mantri Awas Yojana
· Enabling participation of private sector in developing Affordable Housing in the State
Besides the interaction with policy makers during the conference to bring in the suitable and necessary policy changes for the industry, CREDAI Karnataka Chapter also forged collaboration with Apartment Owners’ Welfare Associations to extend services by builders beyond their mandatory period. The conference also hosted a Buyer-Seller Meet to connect with end consumers.
As a citizen friendly initiative, the conference also saw the demonstration of Kaveri 2.0, by Inspector General, Registration & Commissioner of Stamps, Govt of Karnataka, Dr Mamatha BR. The online registration system is currently in pilot mode in the Chincholli Sub Registrar’s office in Kalaburagi District. Developed by the Centre to initiate Smart Governance, Kaveri 2.0 will be facilitated under the e-governance department of Karnataka.
“For the first time in the history of the country Kaveri 2.0 will revolutionise registration process by making it very citizen friendly and simple busting the myth that registration is a cumbersome process. Kaveri 2.0 is integrated with land records software Bhoomi, e-Asthi and e-Swatthu thereby ensuring fraud proof safe transaction,” explained Dr Mamatha BR.
