Tech Capital, Silicon Valley of India, Startup Capital, Garden City,
Bangalore is known by many names now!
Right from the pre-independence era till now, the city has always remained a favourite amongst the citizens of the nation.
Whether it be the famous pleasant climate or tech cityscapes, or the majestic lakes all around, Bangalore was always a premium spot for India's cosmopolitan cream.
And after the famous IT boom of the 1990s, it has especially become a favourite destination for the IT Titans of the world. This rapidly pushed the urbanization rate of the city drastically, and the influx of young tech professionals and dreamers across the country further fueled the residential real estate of the city.
But it also had raised yet another trouble, illegal buildings and other constructions which were built upon encroached lands. And soon was the second decade of the new millennium approached, this scale had rapidly risen.
Though these are illegal buildings structured upon the encroached lands, or with plans that are not regularized, most soon had tenants, and they have become a part of the cityscape and razing them out became out of the question, as it would further affect the smoother running of the city as well as damaging other parts of the city as well as the roadways.
Not just Bangalore, but also many other cities within the state and other parts of the country that face the same kind of trouble.
So what is the solution?
Well then, let's talk about the Akrama Sakrama scheme by Karnataka Government.
Akrama Sakrama is an innovative scheme implemented by the Government of Karnataka in 2013 to legalize illegal buildings and make them safe and valid for use.
To the ones who are still awed by the name, it simply takes up the antonyms, which roughly means Valid and Invalid, or Proper and Improper from Sanskrit. It was originally known as Karnataka Town & Country Planning Act.
The scheme, as mentioned before, was first introduced by the State Government of Karnataka on December 31 2013. Though the scheme at first was not accepted widely and the implementation of the same was under judiciary review, the High Court in 2016 had given the green signal for the same. However, over the years, many new amendments, and after many more reviews, it has recently, i.e. back in 2020, made its move again.
As the scheme aimed at regularizing over 35 lakh buildings across the state and over 2 lakh plus in Bangalore city, and the current Chief Minister of Karnataka, Shri B S Yediyurappa, had called for the rule to make real changes as the state aims to increase its revenue.
And thus, the properties which are built before October 19, 2013 eligible under this same scheme can get -
1) Occupancy Certificate
2) Permission to convert from B Khata to A Khata
3) Can partake and avail benefits under Home Loans and ReSale.
Thus these constructions or structures which are part of the cityscape can now convert themselves into valid versions of themselves, and they can attract far better prices than their previous versions could've ever earned as now they too fall under the legal precedents of the city through Akrama Sakrama.
However, those who had to pay for the illegal buildings now will have to pay extra to regularize the buildings, but the properties by the major builders and developers of Bangalore will never have to face the same.
This does give an advantage to the home buyers who look to buy verified properties from the developers.
So that's about Akrama Sakrama folks, if you feel that we missed out on any points, please share in the comments below.
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Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.
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Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!
If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.
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