E- REGISTRATION OF PROPERTY
Real estate In India is helping hand in developing our country’s economy since it provides a direct investment and development in forms of infrastructure and agriculture it gives an extra boost to develop country’s economy.
A very interesting fact about Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006. Also known as Forest Rights Act which concerns about the rights of forest dwelling communities to land other resources.
Under which it says that tribal land cannot be sold to non-tribal and many other reforms are provided so that it would not take away their lands which they have from generations.
One important concern in India about real estate is land disputes like illegal grabbling of land, wrong location shown to customer and cheating on them, acquisition of land over ceiling limit set by government of respective states. Under Section 17 of Indian Registration Act 1908, it says about that any transactions that involve of immovable property should be registered whose value is contingent and is of value of 100 Rs and above it. As there is a loophole as these documents are in form of hardcopy and many at times there are huge number of unethical practices and violations are taking place in the real estate.
Seeing this as issue of concern the E- Registration facility was adopted into our system from 2002. It was brought into our system through Land Registration Act, 2002.The various aspects of E- Registration of Property are as. It’s obvious that when registration is through online it will make the process more transparent and time savings.
BENEFITS OF THE E- REGISTRATION OF PROPERTY
OWNERSHIP
Best instance to understand the need of transparency in ownership could be understood through SWAMITVA Scheme a central sector scheme launched on 24th April,2020. The Ministry of Panchayati Raj is the nodal Ministry for implementation of the scheme. The primary focus of this scheme is to ensure property validation of land in rural areas as many disputes rises often among rural areas on the ownership of land. Under the scheme it will help in demarcation of rural land using drone surveying technology. Thus, it would provide the ‘Right of Record’ to village household owners
The property card distributed successfully till now:
(Data from Swamitva.nic.in)
THE ROLE OF BROKER AFTER E- REGISTRATION
It would be a sure doubt with all of us that whether a land broker is still needed after implementing the E- Registration facilities.
When two parties are to be confirmed between them there must be a medium through which the investment could be made firm, so even if the process is made digital still a broker is required so to negotiate among the rates with the parties
GRIP OVER LAND MAFIA
As we previously discussed about the tribal people with their land rights, such special immune must be provided to them since many at times there are millionaires or billionaires who acquire mass lands, which violates the ceiling limit of the purchasable land through illegal means. Many times, these mafia cut through the legal process of documentation through different names and individuals which increases the complexity of tracing their real identities.
This step towards enhancing the digitalization of real estate sector will empower the system to watch over the benami and will help to punish the real culprit under Benami Transactions Act,2016. Which lays more stringent punishments and legalities that would be imposed on Benami who acquire land through illicit means.
Resources:
- • Pib.gov.in
- • Wikipedia
- • Housing.com
- • Rbi.org.in
- • Socialissuesindia.wordpress.com
- • Swamitva.nic.in