The Indian real estate industry goes digital!
When the entire world we live in has begun to spin around the digital network, the real estate industry in our country has caught up with the changing times and is on a journey towards transforming various aspects of the sector. This would mean keeping a digital record of your new 3 BHK apartment or your brand new villa or anything that concerns properties in the real estate sector. It is interesting to note that until recently, only very few countries around the world maintained an electronic public register for real estate. When the real estate industry in India is on its path to digitization, it is important to know how real estate records were kept in the past.
A PEEP DOWN THE PAST
In India, land records were maintained through village maps or paper records which included names of all occupants. The lack of properly maintained land records had resulted in huge property scams and litigations. The government of India then took it up as a major objective to make land records available to all to check property frauds, around the late 1980s. With the aim of reducing the scope of land and property disputes and to improve the transparency in the maintenance of land records, the Digital India Land Records Modernization program (DILRMP) was launched by Government of India in August 2008. The program worked towards computerizing all land records, digitizing maps, upgrading the survey and settling the records. The program also aimed to provide clear titles of land ownership that could be monitored easily by government officials, facilitate quicker transactions, and reduce disputes. Karnataka was the first state in India to computerize land records under the ‘Bhoomi Project’ followed by Andhra Pradesh and Tamil Nadu in the year 2001.
PRESENT SCENARIO
India is still quite far away from achieving a 100% digitized real estate sector. The reality lies within most of the states in the country which have not seen the light of digitization nor are they enabled with any means to survey their lands. It is unbelievable that most states have not had their land surveyed for more than over 100 years. Though the government is aiming at bringing the power of digitization to the real estate sector, what holds them back is insufficient data and poorly managed land records registered in village and district levels which are not identical.
THE BRIGHTER FUTURE
The complete digitization of the real estate sector in our country will ensure great benefits for all the people, especially those who plan to buy a new apartment/home or wish to invest in the real estate sector. In order to achieve this, the following are some of the measures that can be considered to be implemented by the government.
Developing an online or digital record department will help in the maintenance of land records digitally. This will enable states to consult and take feedback from developers on the main topics of sourcing, tracking, executing various land records. This will lead to an increase in transparency and will help enhance people’s trust in the real estate business. This will also bring about an ease in the number of civil suits in the country are that are related to property disputes. As a result, the pace at which new real estate projects come about will increase and will even reduce costs.
Once the government starts providing registered property title documents, it will help enhance the performance of the real estate industry through faster transactions and will help ease the waiting period after one decides to buy a 2 BHK or 3 BHK apartment. The government must ensure that it includes site plans, exact location, projected look, owner ship details tax and other cesses payable on the property.
Regularized surveys of land records will make the entire process of buying a new home/apartment/villa, transferring, selling land and giving deeds easier than ever before.
The digitization of land records will make it difficult for the general public to avoid paying the property tax. This will enhance the building up of local revenues through property tax billing, collection and also by providing conclusive titles to land owners.
The future of Indian real estate seems extremely positive with the ongoing process of digitizing property records. This will drive a more systematic maintenance of real estate records which include updating maps, surveys and registration of all kinds of property. This will enable investors to have more secure real estate deals and your dream of buying a 2 BHK/3 BHK apartment or a home in the most prime locality will be smoother than ever before. This will help builders and investors to reinforce the authenticity of the land or the property. Digitization of the real estate sector will also make the process of looking for flats in Trivandrum, Cochin, Kottayam, Calicut or buying an apartment, from any part of the world easy, with just a click of a button.