E-Registration: An important step towards the transparency in the realty market
E-Registration for Realty Market
In the real estate market of developing countries land dispute is one of the most common disagreement and the cases can range from illegal land sales to grabbing the land of relatives and from fake purchase to land purchase at zero price. In India the real estate market has been plagued by many of these kinds of issues and due to that in present the government is planning to initiate the e-registration with an aim to streamline the registrations of immovable properties, which will be helpful to bring the transparency in the Indian real estate market. In present, there are many nations which are using the same platform for extremely progressive transparency in the real estate market.
E-registration is simple process which is able to provide evidence of title with an aim to facilitate the transactions to prevent the unlawful disposal of land. It is expected that the system of online registration will be effective and it will be able to solve various underlying problems, apart from that according to real estate experts this system will be able to fill the loopholes of the traditional land registration process, which is fully based on the Land Registration Act of 1925 and that rarely involves the Powers of Attorney, transfer of property under rent and sale or mortgage of land. However; the Land Registration Act of 2002 has introduced the new system according to which they will use the verified electronic signatures for registering and transferring the immovable property online.
If you are getting the land which has been passed from the generations or it has been seen multiple owners in particular time period, so there is need to maintain a hierarchy of land which will available online so that potential buyer or tenants can ascertain the exact rental or value on that land according to the current market conditions. But it’s not an easy to implement this system because government needs to have the complete access over the document verification as well as full disclosure of property details such as; number of rooms, foundation details, gross carpet area, wiring blueprints and more. It is expected that e- registrations will provide a much-needed level of transparency in property dealing and no one will be able to hide anything from future buyers and investors.
Role of real estate agents:
E- Registrations will negate the need for real estate agent or not? It’s very fair question, because the details of all properties will be available online and there are chances that the information mentioned on the website will not be enough for the large investments. The main question is that whether specific property details are able to make good investment decision in regard to other options or not.
Benefits of E- Registrations:
- The details of property will be available online and due to that they can be accessed online at any time.
- There will be more transparency in the registration process and there will be no need of bribes to official.
- Software will calculate the stamp duty on the basis of few factors such as; stored data and more.
- Buyer will be able to pay the stamp duty online.
- There will be less property disputes in sensitive market.
Procedure of E- Registrations:
As we all know that property available in urban and rural areas comes under the jurisdiction of the same government and it managed by the Tehsil, which means e-registrations for both property (housing or commercial rental) will be similar. However; the process can be different for vacant or occupied property because for vacant land, valuation is based on the current market price, whereas; the property valuation for occupied land such as; flats, cottages, shops and more can be done on the basis of gross investment. The procedure to do the e-Registration is very simple and easy because you can download the form and application of land registration online or you can also obtain it offline from the concerned state authority’s office in your state. After the verification of property details and its related documents the concerned person will be able to register the land in few days and soon after that owner will be able to establish full-accredit ownership of the property.
