Property registrations across Karnataka halted as state announces lockdown
Real Estate

Property registrations across Karnataka halted as state announces lockdown

Property registrations in Karnataka have come to a pause, as the state has shut down all 243 sub-registrar offices temporarily after the state announced a two week lockdown.

With the halting of property registrations, the real estate industry is worried that the registration of apartments will be delayed, affecting developers’ cash flows.

The Confederation of Real Estate Developers Associations of India (CREDAI), Bengaluru, told the media that the cash flows would be impacted as banks will release housing loans only after registration. Buyers will not be able to avail of capital gains exemptions. The state government also stands to lose revenue from stamp duty and registration fees, said CREDAI, Bengaluru.

Officials of the stamps and registration department do not know when the process will resume. An official told the media that it depends on the Covid situation and the speed of decreasing cases in the state.

During the nationwide lockdown between March 24 and April 25 last year, Karnataka lost out on around Rs 1,000 crore in stamp duty, and registration charges as real estate transactions fell sharply.

Revenue Minister R Ashoka said it is an important revenue source for the state government. Every month, the department collects Rs 800 crore to Rs 1,000 crore, said Ashoka.

In 2020-21, around 19 lakh properties were registered in the state, generating revenue of Rs 10,480 crore as against the revenue target of Rs 12,655 crore. The target for 2021-22 has been kept unchanged.

Another senior official of the revenue department said that delayed registration did not mean revenue losses. According to the official, buyers will have to register their properties once the process restarts.

Image Source


Also read: Property launches jump 12%

Also read: Property registrations in Mumbai drop by 50% in April

Also read: Affordable housing keeps real estate sector afloat: PropTiger

Property registrations in Karnataka have come to a pause, as the state has shut down all 243 sub-registrar offices temporarily after the state announced a two week lockdown. With the halting of property registrations, the real estate industry is worried that the registration of apartments will be delayed, affecting developers’ cash flows. The Confederation of Real Estate Developers Associations of India (CREDAI), Bengaluru, told the media that the cash flows would be impacted as banks will release housing loans only after registration. Buyers will not be able to avail of capital gains exemptions. The state government also stands to lose revenue from stamp duty and registration fees, said CREDAI, Bengaluru. Officials of the stamps and registration department do not know when the process will resume. An official told the media that it depends on the Covid situation and the speed of decreasing cases in the state. During the nationwide lockdown between March 24 and April 25 last year, Karnataka lost out on around Rs 1,000 crore in stamp duty, and registration charges as real estate transactions fell sharply. Revenue Minister R Ashoka said it is an important revenue source for the state government. Every month, the department collects Rs 800 crore to Rs 1,000 crore, said Ashoka. In 2020-21, around 19 lakh properties were registered in the state, generating revenue of Rs 10,480 crore as against the revenue target of Rs 12,655 crore. The target for 2021-22 has been kept unchanged. Another senior official of the revenue department said that delayed registration did not mean revenue losses. According to the official, buyers will have to register their properties once the process restarts. Image Source Also read: Property launches jump 12% Also read: Property registrations in Mumbai drop by 50% in April Also read: Affordable housing keeps real estate sector afloat: PropTiger

Next Story
Infrastructure Energy

IndianOil NTPC Green Seeks Bifacial Modules for 750 MW Gujarat Solar

NTPC Green Energy (NGEL), acting on behalf of IndianOil NTPC Green (INGEL), has announced that it is inviting bids to supply photovoltaic (PV) modules for a 600 MW AC (750 MW DC) solar project located in Bhuj, Gujarat. INGEL is developing the project in two blocks, each with a capacity of 375 MWp.The successful bidders are required to supply bifacial PV modules with a minimum wattage of 570 Wp each for the entire 750 MWp project. The contract will include the production, supply, and transportation of open-category crystalline PV modules that are listed under the Approved List of Models and Man..

Next Story
Infrastructure Transport

India to Build First Polar Research Vessel in Kolkata with Norway Aid

India is poised to enhance its polar and ocean research capabilities by building its first polar research vessel (PRV). A significant step towards this was taken when Kolkata-based Garden Reach Shipbuilders and Engineers (GRSE) and Norway’s Kongsberg signed a memorandum of understanding (MoU) in Oslo on Tuesday to facilitate the construction of the vessel.GRSE, which has prior experience in building complex maritime platforms such as warships and survey vessels, will construct the PRV at its shipyard in Kolkata. This partnership represents a major milestone for India’s shipbuilding industr..

Next Story
Infrastructure Energy

Juniper Commissions 145.99 MWp Solar Project in Maharashtra State

Juniper Green Energy announced that it had commissioned its 145.99 MWp solar power project at Chapalgaon in Maharashtra, which will supply electricity to the Maharashtra State Electricity Distribution Company (MSEDCL).The plant was commissioned on May 22, 2025, completing the project 19 months ahead of the Scheduled Commercial Operation Date and only 2.5 months after the power purchase agreement (PPA) was signed on March 7, 2025. The project is set to operate at its full capacity of 145.99 MWp from the commissioning date.Ankush Malik, CEO of Juniper Green Energy, explained that early land acqu..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?