E-Registration: Enhanced Transparency In Nation...

E-Registration: Enhanced Transparency In Nation’s Real Estate

E-registration of Property

The Land Registration Act of 2002 introduced the concept of e-registration of property using verified electronic signatures for online registration and transfer of immovable property. E-registration process has successfully demolished loopholes in land registration process and simplified the problems cause by the traditional land registration process, based on the Land Registration Act of 1925.

Where is E-Registration applicable?

Since 1990s, online registration of property is already operational in Odisha, West Bengal, Kerala, Tamil Nadu, Karnataka, Jharkhand, Rajasthan, Maharashtra, Sikkim, New Delhi, Madhya Pradesh, Chattisgarh and Punjab. These states have developed the Common Services Centre (CSC) Scheme, where all registrations are verified.

Process to e-register land

The land registration and application form can be either downloaded online or obtained from the authority’s office in state. Once the form details and documents related to the concerned person are verified, the land is registered in few days, and this marks the windup of the registration process and establishing the full-accredit ownership of the property.

Benefits of land E-registration

– Enhanced Transparency: E-registration enhanced transparency in nation’s real estate as details including the entire history of ownership, carpet area, no. of rooms are listed online. This reduces fraudulent practices and adds credibility to expert’s credentials.

Simpler and Convenient: There is no need to visit different offices for property registration. Also, information and documents related to land records can be accessed online at any suitable time.

– Safety: E-registration is pretty safe. Hackers can do nothing to property papers of an owner such as transfer of Power of Attorney, land purchase deeds or wills. Secondly, government servers, are SSL (security server level) encrypted. In addition, they have a personalised login system.

– Automatic Calculation: On the basis of the online registered data, the software can calculate stamp duty and the duty can be paid online. Also, it will reveal the current price of the property located at any location within the state.

E- Registration process in urban and rural areas

Both urban and rural areas come under the jurisdiction of the same state government and the registration process is similar in both areas. The registration process is depending upon the status of the land, whether the land is occupied or vacant. If the land is vacant, the current market rate is taken into consideration for the purpose of valuation. On the other hand, if land is occupied with built-up properties such as apartments and shops, valuation is done on the basis of market rate and gross investment of a building.

Swati loves writing on real estate! Before engaging in what she thinks is ‘serious business’. Currently, she is serving the role of Content Lead and shares her knowledge to appraise investors/end-users about Indian realty sector.