Demonetisation-hit realty sector gets no Siddaramaiah?balm

March 16, 2017

Bengaluru, Mar 16: Chief Minister Siddaramaiah has not proposed any measures to boost the realty sector in his 2017-18 budget, though demonetisation of high-value notes has hit the sector hard.

realty

Document registration, including sale deeds and agreement deeds, has come down by 25% from November last year, when the Centre demonetised Rs 500 and Rs 1,000 notes. Revenue from the stamps registration department has, as a result, decreased by Rs 1,350 crore. The government had fixed a Rs 9,100-crore target in the current financial year.

The sluggishness in the sector is likely to continue in the coming financial year also. Hence, the chief minister has set a moderate revenue target of Rs 9,000 crore from the department in the coming fiscal year.

Various associations of real estate companies had urged the chief minister to bail out the sector. They had asked the government to reduce stamp duty on registration of immovable properties, joint development agreements, affordable housing units to help the sector overcome sluggishness.

Siddaramaiah has, however, proposed to amend the Karnataka Stamp Act, 1957 to rationalise imposition of stamp duty on purchase and sale of stocks through agents or brokers.

The chief minister severely criticised the Centre on demonetisation in his budget speech. “Demonetisation caused a huge amount of distress to the public but the Union government is yet to disclose what it has achieved by it. The entire cooperative sector that is so critical in servicing the farmers and the rural folk, virtually came to a stand still. The manner of implementation betrayed a lack of preparedness, with the banking system just not geared up for this responsibility given to them (sic),” he stated.

The Centre and the Reserve Bank of India should have foreseen the exigencies and should have taken appropriate steps to insulate the common man from its effects, he added.

On the cards

Survey of all lakes by forming district-level task force at a cost of Rs 10 cr

Less paper’ scheme will be extended to all Revenue dept offices

Implementation of digital land records management project

Steps to provide medical facilities to Sabarimala pilgrims

Converting 1,100 residential areas having no document titles into revenue villages

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News Network
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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News Network
December 15,2025

Mangaluru police have arrested a 27-year-old NRI on his return from Saudi Arabia in connection with an Instagram post allegedly containing derogatory and provocative remarks about the Hindu religion, officials said on Monday.

The accused, Abdul Khader Nehad, a resident of Ulaibettu in Mangaluru, was working in Saudi Arabia when the post was uploaded, police said.

A suo motu case was registered at the Bajpe police station on October 11 after an allegedly offensive post circulated from the Instagram account ‘team_sdpi_2025’. Police said the content was flagged for being provocative and derogatory in nature.

During the investigation, technical analysis traced the Instagram post to Nehad, who was residing abroad at the time, a senior police officer said. Based on these findings, a Look Out Circular (LOC) was issued against him.

On December 14, Nehad arrived from Saudi Arabia at Calicut International Airport in Kerala, where he was taken into custody on arrival. Police said further investigation is underway.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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