Bengaluru Property Registrations drop 21% over E-Khata Issues

In the same period this year, there were nearly 12% fewer properties registered in the city than there were in October 2023.

The real estate market in Bengaluru recorded 5667 property registrations in October, a nearly 21% decrease from the 7167 units registered in September, as per data obtained by prop-tech platform Square Yards from the Inspector General of Registration (IGR).

This coincides with the e-khata service being implemented by Bruhat Bengaluru Mahanagara Palike, which is posing a significant obstacle for purchasers who are registering their property documents.

The Bengaluru BBMP and other local bodies introduced e-khata, an electronic version of the traditional khata certificate, in October. Property owners can apply for, download, and validate their khata using this digital record, which is accessible online, without having to go to the municipal office.

The city saw a 12.8% decrease in registrations from 6506 in October 2023 to 5667 in October 2024 when compared to 2023. The city had the most property registrations (7,753) in August 2024. In July 2024, 7,333 registrations were reported by the IT capital.

The July–September 2024 quarter saw 25,259 property registrations in Bengaluru, an 8% decrease from the previous year.

According to a Square Yards analysis, the sales value of the properties dropped 15% from the Rs. 18,505 crores recorded in the July-September quarter of the previous year, despite the fact that the number of transactions decreased 8% year over year during the same period.

As a result, over this time period, the average home sales value decreased by 7% annually; according to the analysis, the average home price in Bengaluru is currently Rs. 62 lakhs.