Karnataka - Bangalore

KOAPA to present draft of real estate policy

Ranjani Govind

Realty 2007 - Real Estate Expo concludes today

APARTMENT MODEL: One of the stalls at Realty 2007 - Real Estate Expo in Bangalore on Saturday. — Photo: Bhagya Prakash K.

BANGALORE: The massive spread of the city map marked with roads, localities and housing projects of participating builders is an arresting inclusion in the neatly designed Realty 2007 - Real Estate Expo of the Karnataka Ownership Apartments Promoters Association (KOAPA) at The Grand Ashok. The two-day exhibition, with over 30 builders and promoters, was inaugurated by S.K. Mitter, Director and Chief Executive of LIC Housing Finance Limited. Sponsored by LIC Housing Finance and co-sponsored by ICICI Home Loans, it will end on Sunday.

"There is a shortage of approximately 30 million dwelling units, according to a national survey, and when the market is gearing up to meet the demand, competition to provide the best is a natural consequence," Mr. Mitter said.

Shankara Raju, Regional Manager, LIC Housing Finance said, "LIC has the best competitive rates in loans and taking it here would help customers minimise their long drawn out legal process and cut down on their processing fee. Balakrishna Hegde, president of KOAPA, said, "Be it an MNC or a resident, real estate industry meets the primary needs of man. Instead of giving exemptions and concessions, the government needs to cut down on taxes and duties to make houses affordable to the public. We have to pay one-third of our property costs in the form of taxes; does it make any meaning?" KOAPA is soon presenting a draft of its real estate policy where it could help the Government look into some of the issues.

"Citizens too need to be proactive in knowing their rights and voicing their protests. If the stamp duty has been reduced by 0.5 per cent, the guidance value has increased by 200-300 per cent," Suresh Hari, secretary, KOAPA, pointed out.

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