Buyers May Transfer Property Title Within Five Days!

September 6, 2007	(Be the first to rate this story!)  Loading ...
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Now, property buyers may not have to go through cumbersome procedures to transfer a property title and can get it done within five days. This will be made possible with the help of a new property transaction model to be prepared by the government soon. The move is planned to cut on documentation for fast tracking property transference process.

Presently, it takes the buyer two months to get the property transferred in his name. The model will also grab the attention of foreign investors to invest in India properties.

The new model for property transactions is to be finalized by the department of industrial policy & promotion (DIPP) and urban development ministry. It is likely to be announced within a month.

The new model will eliminate a need for the land to be surveyed by the tehsildar. And, the property can easily be transferred in five days along with all the formalities such as the stamp duty payment and registration done if the title is clear and free from impediments, says a senior government official.

States have been given a time period of four years to computerize the system of land titles through the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). There will be a bank of marketable land titles with all major cities. Also, the database will be updated regularly. The states are advised to join hands with IT companies for maintenance of title records.

Linking of land record computerization with registries in the states should be done properly. Fresh and effective ways are required to be explored to bring down the time taken for property transfer, says a DIPP note.

National Institute of Urban Affairs (NIUA) has been given the responsibility of working out the ways to cut procedural delays in mutation and property registration.

News Published Under:   Real Estate India |

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