CREDAI Bengaluru Urges Karnataka Govt to Address e-Khata Issues

13 Dec 2024 CW Team

In addition, the CREDAI Bengaluru delegation made a parallel submission to Gowda and Dayananda, the Inspector General of Registration and Commissioner of Stamps, requesting the reinstatement of the previous cap of Rs 1 million on stamp duty for both title deed deposit agreements and mortgage deeds.

Amar Mysore, the President of CREDAI Bengaluru, stated that the sudden implementation of mandatory e-khata had led to a surge in applications, resulting in an overflow and causing significant distress for people trying to get their documents registered. He pointed out that the recent increase in stamp duty rates, implemented disproportionately, had affected the real estate sector. For example, a MoDT for a construction finance loan of Rs 1 billion now incurs a stamp duty of Rs 5 million, compared to the previous cap of Rs 1 million.

He further noted that the current process of uploading documents for e-khata and the verification procedures adopted by BBMP were time-consuming and cumbersome, leading to delays in the registration process for various documents.

CREDAI Bengaluru requested the implementation of e-khata in a phased manner to ensure smooth operations, as e-khata across Bengaluru urban limits was still in the process of being updated and uploaded onto the e-aasthi portal. The industry body also expressed concerns regarding how the new system was affecting stamp duty calculations for undeveloped land. With the insistence on e-khata, undeveloped lands were now being wrongly valued based on price per square foot, rather than the previous method of valuing by the acre.

The Confederation of Real Estate Developers' Associations of India (CREDAI Bengaluru) submitted a letter to Krishna Byre Gowda, the Revenue Minister of Karnataka, highlighting critical issues in the real estate sector, with a particular focus on concerns related to e-khata. The same document was also presented to Munish Moudgil, the Special Commissioner (Revenue) of Bruhat Bengaluru Mahanagara Palike (BBMP). In addition, the CREDAI Bengaluru delegation made a parallel submission to Gowda and Dayananda, the Inspector General of Registration and Commissioner of Stamps, requesting the reinstatement of the previous cap of Rs 1 million on stamp duty for both title deed deposit agreements and mortgage deeds. Amar Mysore, the President of CREDAI Bengaluru, stated that the sudden implementation of mandatory e-khata had led to a surge in applications, resulting in an overflow and causing significant distress for people trying to get their documents registered. He pointed out that the recent increase in stamp duty rates, implemented disproportionately, had affected the real estate sector. For example, a MoDT for a construction finance loan of Rs 1 billion now incurs a stamp duty of Rs 5 million, compared to the previous cap of Rs 1 million. He further noted that the current process of uploading documents for e-khata and the verification procedures adopted by BBMP were time-consuming and cumbersome, leading to delays in the registration process for various documents. CREDAI Bengaluru requested the implementation of e-khata in a phased manner to ensure smooth operations, as e-khata across Bengaluru urban limits was still in the process of being updated and uploaded onto the e-aasthi portal. The industry body also expressed concerns regarding how the new system was affecting stamp duty calculations for undeveloped land. With the insistence on e-khata, undeveloped lands were now being wrongly valued based on price per square foot, rather than the previous method of valuing by the acre.

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