Delhi Govt. to Introduce Title Registration Scheme

August 8, 2007	(3 votes, average: 4 out of 5)  Loading ...
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Delhi Government will soon bring a Title Registration Scheme to help property owners to receive titles and become undisputed owners of their plots.

With Lt Governor Tejandra Khanna approving the scheme on Tuesday, the government will soon advertise for expressions of interest from law firms to draw up the legislation for Delhi.

Municipal Commissioners from the cities including Mumbai, Hyderabad, Kolkata, Ahmedabad, and Bangalore discussed the possibility of bringing Title Registrations in their municipalities. Currently, it is mandatory for all the cities to follow deed registrations.

The system of definitive ownership allows the property owners to borrow on the ‘strength of the property as collateral’. Introduction of title registration will give a major push to the Capital’s economy.

The underlying principal of the system is to replace the registration of transactions with Titles.  The Registrar or the Government will serve as the guarantor of the land. The Delhi government requires working on three   immediate things in order to introduce the law. These are enacting the Delhi Apartments Act, Registration of equitable mortgages, creating an indemnity fund for government guarantee.

News Published Under:   Delhi |

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