The state government is contemplating promoting the realty industry by offering sops to generate more revenues. Clearance of pending lRS and BRS issues, flexible layout policy and regularisation of properties in the assigned land would be among some steps to be taken to encourage the realty industry
Senior official of the registration department and OSD in the CMO have been entrusted with the responsibility of preparing a document on the promotion of realty by addressing the challenges faced by the industry in the recent times.
As per officials, all issues pertaining to the layouts, property sales, land regularisation scheme and building regularisation scheme are under study. Some amendments to the existing acts and introduction of new rules to sell and buy the properties will be formulated soon.
The government has already decided to increase the market value of the properties and also stamp duty to mobilize more revenues. Apart from this, the promotion of the realty industry would also boost revenues further. The land regularization scheme (lRS) is being implemented fast to rake in huge money to meet the growing financial needs of the state.
