Mysuru CREDAI president M S Harish Shenoy has expressed concern over the delays in refunding K2 challan payments, stating that the issue is causing significant financial hardships for both property buyers and developers. Speaking to the media, Shenoy highlighted that the Karnataka government's digital registration ecosystem, which operates through the Kaveri and Khajane-II (K2) platforms, was designed to simplify property transactions. However, the prolonged delays in processing refunds are undermining the system's efficiency.
Impact on Property Buyers and Developers
The delays in K2 challan refunds have created a liquidity crunch for many stakeholders. Property buyers, who often pay excess amounts during registration, are left waiting for their refunds, affecting their financial planning. Developers, on the other hand, face challenges in managing cash flows, as pending refunds tie up funds that could be used for ongoing projects. Shenoy urged the state government to expedite the refund process to restore confidence in the digital registration system.
Call for Government Intervention
Shenoy emphasized that the issue requires immediate attention from the Karnataka government. He suggested that a streamlined mechanism be put in place to ensure timely refunds, possibly by integrating the Kaveri and K2 systems more effectively. He also called for better communication between the revenue department and stakeholders to address grievances promptly.
The CREDAI president further noted that the delays are not only causing financial strain but also discouraging potential buyers from investing in real estate. He appealed to the government to take corrective measures to uphold the ease of doing business in Karnataka.
This development comes as the real estate sector in Mysuru continues to grow, with increasing demand for residential and commercial properties. Stakeholders hope that the government will act swiftly to resolve the refund delays and ensure a smooth transaction process.
