In a tussle with benami deals, unaccounted income and illegitimate land absorption Indian government is planning to mandate Aadhar-based authentication of real estate document registration. Sources revealed that Aadhar recognition is must for every citizen and every valid transaction in India. Earlier Supreme Court declared that with the implementation of Aadhaar, the government had saved over Rs 50,000 crore on various schemes to help the economically weaker section of the country as well as pensioners. Aadhar linking is mandatory for allotment of PAN cards and filing IT returns. Now, property authentication appears to be top of the table of governmental agenda.
For immovable property validation central government necessitates few documents such as- agreement of sale and power of attorney for electronic registration purpose. Thence, electronic registration process is also in the pipeline. Sections 32 and 32A of the Registration Act, 1908 will be amended by the government to provide legal patronage to Aadhaar-based verification of documents. A draft of the amendments will be sent to the Union Cabinet for sanction, followed by the Parliament. Still the government hasn’t come out with any official statement regarding this matter.
For property registration Aadhar authentication process is a must undergo. Apart from downsizing the benami property consumption, housing department will ensure foolproof property titles for the buyers. State governments and Union Territories have been previously directed by the Department of Land Resources of the Rural Development Ministry to notify rules upholding “consent-based Aadhaar authentication” during the time of property registration.
Demonetization and the Benami Transactions (Prohibition) Amended Act, 2016, are two major union governmental policies just to restrict unaccounted black money inflow to real estate sector. Not only for property title verification, Aadhaar card holds a significant role in future property tax payment. Yet, digitization of land records has already been done in several states like Andhra Pradesh, Telangana, Haryana, Uttar Pradesh, Maharashtra, Chhattisgarh and Maharashtra. The linking of Aadhar card with land records will soon be followed after that.
“Until the government hasn’t come up with an official statement or press release we shouldn’t indulge these speculations. But this rollout will help government to track illegal properties and their title holders to a great extent,’’- said Mr. Bipin Tripathi, a resident of a renowned housing apartment in south Kolkata.
Asking about the development of affordable flats in Kolkata Mr. Tripathi also said, “There is merely any clamour regarding urban budget housing development under PMAY in Kolkata. But getting a 2 bhk budget flat within 25-28 lacs in Kolkata is not a big deal any day.”
-LNN (Liyans News Network)
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