Someone else should do it and someone else should fill it… Mohandas Pai got angry on what Karnataka government said?

Circle RateMohandas Pai, former Chief Financial Officer (CFO) of Infosys, is sad with the Karnataka government’s choice to extend the circuit charges. He has appealed that in an try to beat the shortfall in income, the government should suppose once more about its plan to extend the circuit price. He mentioned, “This is like putting unnecessary burden on the common man, which is very wrong.”

Why has there been a decline in property registration in Karnataka?

Mohandas Pai mentioned, “Government mismanagement can not change into a way of harassing the residents. We are already troubled by excessive taxes, corruption and discount in high quality of life.” According to the Newz9 report, the e-khata system was carried out in Karnataka to forestall fraudulent property transactions and in December. There has been a decline in property registration throughout the state as a result of order of switch of sub-registrars.

Registration has began reducing since October

The state of affairs is that in December final yr, only one.5 lakh property paperwork had been registered throughout the state. This is the bottom determine for any month within the present monetary yr. Whereas within the first 9 months of the monetary yr 2024-25, greater than 17 lakh properties had been registered. This quantity began declining from October, when only one.7 lakh property paperwork had been submitted for registration this month. After this, this determine fell to 1.6 lakh in November and reached the bottom degree i.e. 1.5 lakh in December.

Karnataka government suffered an enormous loss

Now it is apparent that if there’s a lower in property registration, then the earnings from it will certainly lower, therefore the government suffered a lack of Rs 1971 crore. The Revenue Department had set a goal of incomes Rs 18,388 crore from property registration by December 2024, whereas the incomes was solely Rs 16,416 crore. Now the government is pondering of accelerating the property circle price to compensate for this loss in income. Whereas earlier than this, 15-30 % enhance in circle price had already been carried out.

What is circle price?

Circle price is the government price at which land is purchased and offered. It relies upon on the placement of the property like if the property or land is in an excellent location, the circle price will probably be increased and if it is in a village or backward space, the circle price will probably be decrease. Stamp responsibility and registration charges are determined on the idea of this circle price.

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