Karnataka Housing Board Slashed Initial Deposit Amount For Flat buyers

The board has also decided to relax conditions like mandatory submission of income certificate and the buyer having to be a resident of Bengaluru for 10 years. The board has also done away with the rule that buyers should not previously own any property.

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Karnataka Housing Board Slashed Initial Deposit Amount For Flat buyers

In a bid to boost sales of its flats in Bengaluru, the Karnataka Housing Board has slashed the initial deposit amount to be paid by flat buyers to Rs 50,000 from Rs 5 lakh.

Housing minister told that the decision was taken after he found there were not many takers for flats built by the board in different parts of the city. The board has built two apartment blocks in Kengeri and more than 50% of the flats remain unsold.

Read Also: Karnataka: Income Limit For Rural Housing Schemes May Increase

The board has also decided to relax conditions like mandatory submission of income certificate and the buyer having to be a resident of Bengaluru for 10 years. The board has also done away with the rule that buyers should not previously own any property.

We have relaxed these conditions keeping in mind competition in the housing sector from private players, he said. Now we have decided to allot flats on the first-come-first-serve basis.

The board is also mulling building apartments with more than 10 floors, like private builders do, in order to cater to the housing needs of people and also keeping in mind shortage of availability of land. Currently, the board builds only G+3 apartments.

Read Also: Karnataka Local Construction Workers Welfare Schemes

The housing department has decided on tie-ups with local cooperative societies to provide short-term loans for beneficiaries of various government housing schemes.

As per the rule, the beneficiary will get the first instalment of Rs 35,000 only after completion of the foundation of the house, the minister said.

The poor are finding it difficult to arrange the money to complete the foundation. As a result, beneficiaries have not been able to make use of the schemes. To avoid this, the department is thinking of forging a tie-up with local cooperative societies to lend Rs 35,000 to beneficiaries after they get allotment letter. The government will stand guarantee for the loan.

Read Also: Nava Karnataka Vision 2025 Pitches For Affordable “Housing For All”

Source Link- https://timesofindia.indiatimes.com/

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