City Beat: Post-Demonetisation, Property Registrations Slide To A 10-Year Low In Karnataka [Video]
Karnataka has witnessed a slump in property registration in a week of demonitisation of Rs 500 and Rs 1,000 notes. The transactions have dropped to one-third on a day-to-day basis with new registrations hitting a 10-year low even as the department of registration and stamps allowed online transactions. On average, nearly 15,000 documents are registered in Karnataka's sub-registrar offices of which 90 per cent are property documents.
According to latest reports, the much-awaited Bidadi Smart City in Bengaluru will soon be a reality. Being developed on a master plan for a 9,178.29-acre knowledge park by the Greater Bengaluru Bidadi Smart City Planning Authority, the project will be designed on the lines of work-live-play concept. The new township will come up 35 kilometres away from Bengaluru city and will cover 38 villages in and around Bidadi. This will help reduce the excess burden on Whitefield and Electronic City. For the development of the master plan, the planning authority has even called the expression of interest for developing the master plan which can be submitted latest by January 15 next year.
In another development, the date of registering homestays across Karnataka with the tourism department has been extended to December 1. Earlier, the deadline was November 15. While homestays can register online through Karnataka Tourism's portal, those who fail to do so will be deemed illegal and will be subjected to a penalty. The move is aimed at bringing more transparency between tourists and tourist operators and also set a benchmark of quality that has to be offered by these homestays.
Now, for some good news for Bengaluru real estate market. According to a recently released report Emerging Trends in Real Estate Asia-Pacific 2017, Bengaluru leads the list of top five markets for investment and development in 2017. The report says, "There is a huge demand for space as both domestic and international companies flock to open call-in and research-and-development centers."