Revenue Sites In Bangalore: A Brief Idea Bangalore as a city, has come of age in the last few decades, and growth and expansion has been has been its primary tool towards development. In regard to expansion, people bought and built homes on lands, which were originally set aside for village use. Time and again, it has been witnessed that houses built on such sites have not undergone the DC Conversion process that is a fundamental â€˜sine qua nonâ€™ to make construction legal. Such lands are termed as revenue sites. Building a house on a piece of land in Bangalore involves a series of complex procedures and legalities that cannot be tossed aside. As per the government of Karnataka, land in Bangalore is set aside for agricultural purpose only. Hence, for building a house, DC Conversion or Land Use Conversion by the Deputy Commissioner is a de rigueur. In accordance with the legal terms, a house should be built only on the land that is converted from agricultural to non- agricultural use.
What are the risks of buying Revenue Sites? On a general note, one cannot shake off the risks associated with purchasing a revenue site. This is due to the reason that there are significant impediments to overcome, when it comes to revenue sites. Such obstacles include regularization of the site and going through the Land Use Conversion or DC Conversion process for transferring the site from agricultural to non-agricultural use. Regularizing of the revenue sites, paved the way for more revenue for the government through registration fees, stamp duty, property tax, etc. However, lately, the government of Karnataka has been doing a lot of dilly-dallying on the issue of- Regularizing Revenue Land. Lack of good Town Planning is another rising concern for Revenue sites. On that account, the civic amenities that will be offered by the government may not be as good as other cities, which are better planned. According to experts, this may offer a huge blow to the property value in the city and its rate of appreciation in the coming days.
Registration of revenue sites Given the eventful year 2013, Bangalore and its suburbs witnessed as many as 5831 registration of sites in December. As per the revenue department of
Bangalore, Q4 2013 witnessed 25% more registrations of revenue sites in comparison to its previous year. According to property consultants, there has been a significant spurt in registrations in Bangalore, especially on the peripheral areas of the city and its surrounding regions which boast of ample revenue sites. Moving ahead with the risks involved, people still opt for revenue sites due to the potential rewards, which are extremely alluring. The fact that such sites include various uncertainties turns away buyers and make the land prices very attractive. Thus, if the conversion and regularization of the site can be taken care of, a buyer of such sites can end up riding the profit bandwagon.
Source: CommonFloor.com For Latest Updates on Real Estate Updates, Property News and Cities Infrastructure Developments Visit: http://www.commonfloor.com/guide
Copyright ÂŠ 2007-14 CommonFloor.com. All rights reserved.
Published on Jun 12, 2014
Bangalore as a city, has come of age in the last few decades, and growth and expansion has been has been its primary tool towards developmen...