BENGALURU: The state government should implement the filing for e-Khata in a phased manner, providing builders and buyers sufficient time for filing until issues are resolved, said Confederation of Real Estate Developers’ Association of India (CREDAI), Bengaluru, President Amar Mysore.
Speaking to the media on Thursday, he said that the introduction of e-Khata has caused a hiccup in the sale of around 7,500 units, resulting in a financial impact of approximately ₹7,500 crore. He mentioned that immediately after e-Khata was announced, there was a drop in registrations. However, the market began to recover in November, and as of mid-December, there has been a 60% recovery.
“The introduction of e-Khata is beneficial as it protects the interests of buyers, ensures there are no fraudulent transactions, and prevents multiple registrations and sales. e-Khata was introduced in panchayats and BMRDA limits before the Bruhat Bengaluru Mahanagara Palike (BBMP) implemented it. However, the government should prioritize the process. First preference should be given to new buyers and sellers, followed by those seeking to update their records,” he said.
Following the announcement of the scheme, there was a sudden rush for property registration, causing significant inconvenience for those in the process of registering their properties. Additionally, the recent disproportionate increase in stamp duty rates has adversely affected the real estate sector, he added.
Mysore also pointed out the challenges related to uploading documents and matching records, including Aadhaar card details. He stated that the process of uploading documents for e-Khata and the document verification procedure adopted by BBMP are time-consuming and cumbersome, leading to delays in the registration process.
CREDAI members have requested the government to streamline the document uploading process and have expressed their willingness to attend training sessions.
Mysore further mentioned that CREDAI is engaging in discussions with the government on revising the stamp and registration charges for joint development agreements. A meeting was held with Revenue Minister Krishna Byre Gowda, BBMP Special Commissioner (Revenue) Munish Moudgil, and Inspector General of Registration and Commissioner of Stamps, Dayananda K. A., to revisit the 2016 methodology of calculation. It was also proposed to revert the stamp duty to the previous cap of ₹10 lakhs for both title deed deposit agreements and mortgage deeds.