Realtors and Confederation of Real Estate Developers’ Associations of India (CREDAI) have opposed the State government’s move to double the registration fee for property transactions from 1% of the guidance value to 2%, effective from August 31. They have argued that hiking fees is not the answer to make up for the revenue shortfall and said this would only dampen the slowly resurging public mood in the city’s realty market after the pandemic.
“We are slowly recovering from the slump we suffered in the pandemic. But insistence on e-Khata has created a bottleneck, leading to a fall in the number of property transactions. There is already a negative sentiment in the market about traffic jams and infrastructural woes in the city, a perception we are battling to attract investors. Hiking registration fee may push investors to look at other destinations,” said Suresh Hari of CREDAI, Karnataka, adding they will petition the State government to roll back the hike.
