A Coding System to Deter Scams in Property Market

April 30, 2007	(Be the first to rate this story!)  Loading ...
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Demand for greater transparency in Indian real estate seems to have encouraged the Delhi government to take stringent steps. It has come up with an effective coding system to be called ‘Land Title Registration System’ to track property sales.

The system will certainly be of great help in preventing fraud by enabling online property verification, minimize litigation relating to property rights and establish legality of ownership. The government will allot a unique code to all the existing properties in the Capital which will further help to bring the growth of unauthorized colonies under the lens.

Supported by the United States Agency for International Development, a presentation by the Urban Institute before the state government left no room for doubt regarding the efficiency of the coding system. This gets the system “in principle” approval. The recommendations of the presentation include replacing registration of transactions with registration of titles (proof of ownership).

The registration will also be a guarantee of land rights and help set the legality of the title. This would allow banks to lend with larger confidence and households to borrow without any stress on mind.

The government will soon start preparing the database of all available properties in the city. The project is likely to utilize an investment of over 200 crore and it may take 10 years to complete.

News Published Under:   Delhi |

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