Centre proposes bill for online property registration - What it means?
It seeks to update the property registration procedure to make it more efficient, open, and user-friendly. The public can now comment on it until june 25.
Additionally, the bill requires the registration of important papers that were previously exempt, including power of attorney, sale certificates, equitable mortgages, and agreements to sell.
The government has suggested Aadhaar-based verification with informed permission, electronic registration certificate issuing, and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital record maintenance. Other forms of identification are available to those who are afraid to divulge their Aadhaar.
The law, according to officials, demonstrates the need for a contemporary legal framework that is in line with the increasing use of registered documents in both private and public transactions. Under the current legislation, a number of states have already implemented wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital advances, and the Center is currently working to create a single system for all of India.
The change might greatly simplify the procedure for buyers, sellers, and legal authorities, as delays and frauds related to real estate are a typical complaint.