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Finance > Real Estate > Delhi Real Estate: Technology to Prevent Frauds
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Article rating : 0.00, 0 votes. Author : George Gonigal
In a bid to bring in efficiencies of information technology in the property registration process, the Delhi government introduced e-stamping for the registration of immovable properties in Delhi. It means that you no longer have to run from pillar to post to buy stamp papers from a notary. Certainly…a bad news if at all someone like Abdul Kareem Telgi still operates in the market.
The system will allow Delhi real estate owners to register their properties electronically. The payments towards property registration will be done by the owner and a unique identity number will be issued against the payment. Once this identity number is generated electronically the title holder has to produce this ID number before the local sub-registrar. This way the process becomes paper less and would be helpful in preventing fraudulent property registrations. The Delhi
government has set up 21 counters all across the city. Those who aspire to register their property can simply drop in and get the identity number without any hassles.
The government has assured that the process is full proof and there are no chances of goof-ups. In fact, the system will speed up the property registration process in Delhi. “Apart from the speed and convenience, e-stamping also eliminates dependency on property lawyers and notaries who take their pie in property transactions,” says Arunima Chakraborty, a senior citizen staying in Ramesh Nagar.
Commendably, the Delhi government is also considering to pass ‘Property Titling Law’ to prevent fraudulent property registrations in Delhi. A private legal firm is soon to be roped in to help government drafting the law. The law will safeguard real owners of the property.
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