All About E-registration of Property
The most frequent conflict in Indian real estate is a land dispute. Cases range from illegal land transactions and land grabs to the purchase of a property when no actual purchase has occurred. Using such problems has historically been a problem in the real estate market. The contemporary government’s intention to simplify immovable property registration through e-registration is a really groundbreaking step. For its openness and ease of use, this has received unanimous approval.
E-registration has made it easier to provide proof of ownership and facilitate transactions, and it may go a long way toward preventing unlawful property sales. This tool effectively brought to light all of the flaws and underlying problems with the traditional land registration process. Powers of attorney, the sale or loan of land, and the transfer of property subject to a lease are all covered by the Land Registration Act of 1925. The Land Registration Act of 2002 introduced a new tool for online immovable property exchange and registration using verified digital signatures.
- At registrar offices, the need for routine assistance has significantly lessened, allowing them to focus on more sensitive issues like disputes.
- Consumers can register for a relatively minimal fee.
- Going to many places of employment to check in items is not necessary.
- Online access is available to files and details pertaining to land data.
- Significantly more transparency within the registration process will reduce brokerage costs and eliminate the need for bribes to be paid to officials.
- A software tool exists to determine the stamp obligation based on the recorded data, and it may be paid immediately online.
- A modern tool will check the current market value of any land put anywhere in the state.
While the entirety of the asset information is available online, it might not be enough information to support a business finance decision. No matter how much information is available online, the question of whether or not a given asset makes good financial sense can only be answered by a knowledgeable expert.
The fees a broker will charge are actually reduced by using e-registration, but a broker is still necessary – now not just to provide insights on the advisability of the investment, but to mediate between the concerned parties and help negotiate the rate.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.