Aadhaar Card

To identify property owners and closely monitor the money entering the real estate industry, the Union government is contemplating on making Aadhaar, the identification issued by the Unique Identification Authority of India (UIDAI) mandatory for property registrations.

Troubled by the large number of fraudulent transactions and investments worth crores happening in the realty sector, the Centre held a meeting of inspector-generals of stamps and registrations in Chandigarh recently. According to sources, The Government is looking at Aadhaar as a basis of weeding out transactions which is entered into by non-residential Indians (NRIs) and persons of other nationalities. “States will accept other legal documents for identification of persons buying properties for the time being, however Aadhaar numbers will be required for property registration in future,” said an official who attended the meeting.

Even though the Supreme Court has still not given a nod to Aadhaar and ruled that it cannot be made mandatory, with coverage of no less than 97%, Aadhaar cards will certainly help the Centre curb money laundering by tracking individuals who purchase properties in India.