It was announced in the media that the karnataka state government has taken a decision to repeal or scrap Section 79A and 79B of the KLR Act.
Earlier the aforesaid sections restricted the purchase of agriculture lands by non agriculturists, as it might be repealed and notified soon, anybody, or any non-agriculturist can buy the lands.
All agricultural lands cannot be converted from agriculture to residential, commercial, industrial and semi public-use. The usage is already determined and approved by the Government for the aforesaid purposes.
Due to Covid-19 and the economic situation, the prices are expected to fall, but, few sellers, agents and builders are holding the high price and the buyers are fleeced to buy at the sellers conditions.
There is already 2,00,000 apartments (both ready to occupy and to be ready by 2021) are in the market and marketing agencies, with lots of tricks and internet fake reviews trying to hoodwink and sell the properties online. Nobody can save such buyers, who go online buy an apartment like a branded mobile.
BDA has begun auctioning the corner sites and the government has proposed to regularise DC Converted and B katha sites, and there is a good amount of vacant sites and resale sites available by October to December,2020.
It is advised to search for the property and buy it at reduced price (fake reduction-increasing the price and then offering discounts) , Do not jump into conclusion and pay even Rs.1/- as Advance to book or obtain the legal documents. Check the market thoroughly. If the A Class builder quotes high price, drop him, because, it is not worth it.
Rental income has fallen sharply and the occupancy is about 50% (residential) and the PG accommodation occupancy is about 20% to 30%.
Few projects were rejected and unapproved by RERA, are doing rounds in the internet-online market in Bangalore and many bogus and fraud organisations have sprung up promising fantastic agriculture land at cheapest prices. BEWARE & BE CAREFUL. Too many online Frauds and Cheats, have posh offices and sell the LITIGATION Properties.