Karnataka Plans Major Relaxations In Who Can Buy Agricultural Land

Karnataka Law Minister said they are relaxing rules for industries to come up in Karnataka as they are facing a lot of problems due to the strict rules.

Karnataka Written by Maya Sharma

Updated : June 11, 2020 04:34 pm IST

Karnataka Law Minister said in the cabinet meeting a decision was taken to repeal all these provisions.

Bengaluru: The BJP government in Karnataka plans to make buying agricultural land much easier in the state. Until now, there were strict rules restricting who was entitled to buy agricultural land, but the state now says it will bring in a bill in the next legislature session to change that. 

Briefing the media after a cabinet meet, Law Minister JC Madhu Swamy said, "In Karnataka we have land reforms with different sections. 79A says only those who are having less than Rs 2 lakh income can purchase land. B means only an agriculturalist allowed to purchase land. C means we have to file all sorts of documents while buying land." 

He said in the cabinet meeting a decision was taken to repeal all these provisions.

"We are thinking on the lines if there comes a man who can invest for good technology in agriculture, we have to facilitate him," Mr Madhu Swamy said. 

The Law Minister said they are relaxing rules for industries to come up in Karnataka as they are facing a lot of problems due to the strict rules. 

"They are going to Andhra Pradesh, Tamil Nadu because of these stringer rules. Now we have relaxed it, have decided to repeal all these provisions. Bringing in a bill In the next Assembly session," he added. 

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Mr Madhu Swamy said Karnataka has also doubled the limitation for the holding of land.

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Bangalore residential prices could go up in next few quarters: HouseLiv.com

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Bengaluru may see residential property prices going up in the coming quarters by 15-20 percent, even as demand picks up for both affordable and luxury segments in the city.

The commercial segment in the city has been impacted, as there was no new leasing In the last three months, according to CREDAI Bengaluru president Kishore Jain.

In an interview to CNBC-TV18, Jain said, as of now, prices are stable and there has been no reduction. However, several developers are looking at hiking prices over the next few quarters, citing rising input costs and a glaring labour shortage.

"Residential demand is picking up for affordable and luxury segments in Bengaluru. Quality of site visits have improved since we are only seeing serious buyers venturing. Earlier, 2 or 3 out of ten site visits would turn into prospects, but we are seeing that number now go higher to 4-5," Jain told CNBC-TV18.

Even while some other cities are seeing discounts on real estate prices, Bengaluru has seen no reduction in prices in any segment, Jain said, "In fact, many developers are looking to hike prices by 15-20 percent in next two quarters."

"Input costs are increasing and there is a big labour shortage,” Jain said, adding that he does not expect to see new launches of projects at least for the next two quarters.

The Confederation of Real Estate Associates (CREA) also told CNBC-TV18 that rental prices were stable in Bengaluru at pre-COVID levels and are not seeing a drop.

Demand for rentals has also picked up, and should go to pre-COVID levels soon, said Pradeep Joe, president of the association in Bengaluru.

By HouseLiv.com