Slashing of Building Sanction Fee Brings Little Cheer to Bengaluru Realty
The state government has cut the fee for sanctioning building plans of residential properties in Bengaluru as part of measures to support the troubled real estate sector. The fee has been reduced from 0.5 per cent per square metre of the guidance value to 0.2 per cent. The government has also slashed the fee for industrial structures from 1 per cent to 0.3 per cent, apart from decreasing the surcharge amount. The Karnataka Town Planning Authority (Second Amendment) Rules, 2021, were notified in the gazette recently, bringing into effect the revised charges. But sections of developers, homebuyers and industry experts are not very enthused by the move. RERA activist MS Shankar said that the fee for sanctioning residential building plans was 0.3 per cent per square metre in 2015 and the government increased it to 0.5 per cent in September last year, besides hiking the rates for other types of structures. “After a public outcry, it (residential rate) has now been reduced to 0.2 per cent, which is expected to provide only slight relief,” he added.
Tags : News/Views Developers homebuyers building Industry experts Slashing Sanction Fee Brings Little Cheer Bengaluru Realty