HAVERI: The Haveri sub-registrar’s office has witnessed a significant drop in property registrations over the last eight months due to skyrocketing land prices and an increase in private layouts. Registrations, which once averaged around 2,000 monthly, fell to 1,023 in April, 875 in October, and only 469 so far in December, according to sub-registrar Sanjeev Kapali.
The ongoing decline reflects buyer reluctance stemming from rising prices and insufficient affordable options, despite private developers continually launching new layouts on the outskirts of the city.
Between April and November, stamp duty and registration fees reached over Rs 17.2 crore. The situation has not improved, even with process underwritings and digitization initiatives introduced by Revenue Minister Krishna Byre Gowda aimed at enhancing transparency. Officials and property dealers attribute the decline largely to steep price increases. Numerous agricultural lands surrounding the city have been transformed into layouts, leading to hundreds of sites for sale across various neighborhoods.
Prices in these peripheral layouts, even without basic infrastructure, have surged to Rs 20–30 lakh for 30×40 sites, while developed areas see prices climb to Rs 40–60 lakh, making property purchases unaffordable for average buyers. The presence of engineering and medical colleges in the region has further inflated site prices, often without the requisite infrastructure such as roads, drainage, street lights, or water supply. Wealthy investors continue to bid on properties at premium rates, prompting sellers to hold firm on their prices, leaving potential buyers disinterested.
As a result, property sales and purchases have nearly ground to a halt in recent weeks, which has left many real estate agents without work and contributed to a decline in government revenue from stamp duty. Further delays by municipal corporations in creating separate digital records for property divisions have also discouraged visits to the sub-registrar’s office, as registration cannot proceed in their absence.
“Property registration in Haveri district has significantly dropped in the past six months. High prices have dissuaded investment, leading to a saturation point. Buyers looking to build are minimal. The government’s valuation has also increased, causing many to shy away from stamp duty payments, opting instead to invest in gold,” remarked a staff member at the Deputy Director of Land Records office.
“The real estate market is at a standstill. On one side, buyers are financially constrained, and on the other, prices for sites and homes have hit alarming peaks. People are now expecting Bengaluru or Hubballi prices for properties in Haveri. Sellers are reluctant to lower their rates, while buyer interest has dwindled. Consequently, many of us who rely on this industry find ourselves without work,” stated Satish Madiwal, a local real estate agent.
