Bangalore being the Silicon City of India has transformed the face of real estate in their markets. Bangalore unlike the other cities, have a strong and huge office market and a uniform residential demand. The Bangalore City enjoys various advantages but is also the house of many illegal properties in the commercial and the residential outlets. Various schemes have set in to probe a good behavioral market in the city.
What is the Akrama Sakrama Scheme?
For the Bangalore City to develop in growth and pioneer in real estate investments, the Akrama Sakrama scheme has been announced as a remedial measure. Due to the violation of the rules of building plans, the State Government has notified the Akrama Sakrama scheme for the people of Bangalore. The main parts of the scheme are:
- This scheme asks for the regularization of various properties that have violated the building laws by paying the penalties instead of demolishing the building. The same procedure is applied on the illegal plots also.
- The ready-to-move buildings constructed on or even before October 2013, would come under the act. This rule will not be applied on the under construction properties.
- The scheme also takes regularization once for a 50% set back of setback and the Floor Space Index violation for the illegal residences. For the commercial buildings the set back limitation is set at 25%.
According to the news resources the state government cut the fees for regularization of illegal buildings on the revenue land in the rural areas by 50% by the Akrama Sakrama plan scheme. The Law Minister T.B Jayachandra stated that they have decided to reduce the fee, as the current rates may be very costly for the farmers in the rural areas. The revision fee allowed by the ministers is Rs 1000 for the construction of a building on a 30*40 construction site, Rs 2000 for a 40*60 site and much more.
The Penalty Charges
According to the rules the penalty charges for a violation of less than 25% would have a regularization fee of 6% of the complete violated area. This would be in comparison to the land’s market value. If the violation is considered between 25-50% then the penalty fee would be 8% of the total violated area. If the legal violence is above 50%, then the building will be accrued to demolition. Depending on the type of legal violation, the needed documents are to be submitted to get the property regularized.
Real Estate affecting Features
This scheme will have a prime impact on the city’s landscape and the market values. After the regularization there will be a ready availability of properties in the real estate market. In the city’s A-Khata category of properties, the consumer sentiments will be on the rise. The B-Khata property owners will demand for a high price value for their buildings.
The scheme will have a tremendous impact on the market value in the real estate backgrounds. The scheme will get the illegal buildings regularized that would create a big surge in the market finances.
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