Latest Property News
The Cabinet has cleared a law to set up a real estate regulator to protect home buyers. This is welcome, though long overdue. Unfair practices include issuing advertisements to launch projects without securing prior approval of competent authorities and building in hidden costs over and above the fixed price.
The stamps and registration department is drafting a revision in guidance values of properties which could increase by up to 75%-80% in northern and eastern parts of Bangalore. Highly placed sources in the department said that the draft of the revision will be submitted to the government in August.
Those selling immovable property without disclosing their permanent account number (PAN) are in for a tough time with the government mandating a 20% tax deduction at source (TDS) in such transactions.
An overview of the PR card project
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PR Card in a Nutshell
- There are around 18-20 lakh properties within BBMP area alone. However, there has been no valid legal document confirming ownership issues to property owners till date.
- In order to address this issue, the Survey, Settlement and Land Records Department has initiated the Urban Property Ownership Record (UPOR) project where a property Register (PR) card, a legal title document will be issued to property owners.
- The PR card will provide spatial and non-spatial details about the property.
- Of the 198 wards, 50 wards will be taken p in the first phase of the project.
- The first phase is estimated to be complete in the next 10 to 12 months.
- The entire project will complete in two to three years.
- The average cost per property will be Rs 300-400 per property (for a 30X40 site with a home), a one-time charge for citizens.
- The PR card will be mandatory for all property-related transactions such as availing a bank loan, getting approval for the building plan, carrying out any modifications to the property etc.
- The owner will first be served a notice with survey officials demarcating the four corners. A private agency will measure the property and generate the database. The Department will verify details provided with other government agencies. Draft PR card will be generated and objections, if any, can be raised within a 30-day window. If there are no objections, final PR card will be issue.
- On collection of the card, the owner will have to pay some prescribed fees. While paying the fees, the department will take the owner’s photograph and hand biometrics (all ten figures). This is to confirm the physical identity of the owner, along with the documents, at the time of sale of the property in future.
Source - Times property (The Times of India) April 19th 2013 issue
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