Haveri: Property registrations at the sub-registrar’s office in Haveri district fell sharply over the past eight months as land prices soared and private layouts mushroomed. Registrations, which once averaged around 2,000 per month, dropped to 1,023 in April, 875 in October, and just 469 so far in December, according to sub-registrar Sanjeev Kapali.The sustained decline indicates buyer hesitation amid escalating prices and limited affordable options, even as private developers continue to launch new layouts on the city’s outskirts.Between last April and Nov, stamp duty and registration fees totalled over Rs 17.2 crore. The decline persists, despite process simplification and digitisation reforms introduced by revenue minister Krishna Byre Gowda to improve transparency. Officials and property dealers cite steep price hikes as the primary cause, sources say. Agricultural lands around the city have been converted to layouts, and hundreds of sites are on sale in every neighbourhood.Prices in peripheral layouts without basic infrastructure have risen to Rs 20–30 lakh for 30X40 sites and doubled to Rs 40–60 lakh in developed areas, putting purchases beyond the reach of ordinary buyers. Engineering and medical colleges in the city have also driven site prices up, often without the provision of roads, drainage, street lights, or water supply. Wealthy investors continue to bid at peak rates, so sellers refuse to cut prices, and buyers are staying away.Property sales and purchases have almost come to a standstill in recent days, leaving real estate agents idle and govt revenue from stamp duty falling. Additional delays in municipal corporations creating separate digital records during property division have further reduced visits to the sub-registrar’s office, as registration cannot proceed until those records are in place.“Property registration in Haveri district has dipped drastically over the last six months. People don’t want to invest in property due to high prices, and it has reached the saturation point. Only those who want to build houses have been purchasing sites and lands, but this is a thin number. The govt value of property has also multiplied, and people do not want to invest in stamp duty. Instead, they are opting to invest on gold,” said a staffer at the office of deputy director of land records (DDLR).“The real estate business has slumped. On one hand, people lack money, and on the other, the prices of sites and houses have reached their peak. They are quoting Bengaluru and Hubballi rates for properties in Haveri. Sellers are not reducing prices, and buyers are not showing interest. As a result, many like us who depend on this line of work are jobless,” said Satish Madiwal, real estate agent.
