Jagmohan Garg, a leading businessman in real estate, believes that this was a much-needed move that will propagate transparency in the realty sector. To curb the menace of multiple registrations and other deceitful activities in the real estate sector, the Centre has made Aadhaar mandatory.
“Linking the property registration process with the Aadhaar card will be effective in keeping a tab on all illegal transactions by industry experts. Apart from eliminating common irregularities like multiple registrations of single property, this move will establish transparency in the real estate sector,” says Mr Garg.
The new law would be applicable in the registration procedure of every agricultural land, housing plots and flats. It holds that property-seekers and sellers are required to possess the Aadhaar number for registering the property. Under the new procedure, the property’s ownership status would be ascertained by the local authority during online registration, and all the documents would be linked with the unique Aadhaar number. If the buyer is an NRI, he has to provide a declaration along with his Passport details.
As a matter of fact, real estate transactions account for majority of registrations in the state. The market is infamous for its illicit financial flow. Thus, such a step was much-needed for bringing down such transactions. The law has been welcomed by majority of the realty experts as it affirms to the government’s aim of curbing out black money from the Indian economy. Also, the home buying process is likely to be time-consuming since it involves a lot of paperwork. Jagmohan Garg of Delhi believes that the introduction of Aadhaar will simply a multitude of things and save a lot of time.
According to Pratik K Mehta, Managing Director, Unishire Group, “Just like Real Estate Regulatory Bill (RERA) will bring transparency for the developers, Aadhaar card brings in transparency for an individual/ home-buyer.”
“Also, maintaining a centralised monitoring system for any transaction of an individual is always beneficial for country’s economy and streamlines every function, leaving no room for any corruption to even take shape,” he added.
Certainly, the potential efficacy of the new law in purging the illicit practices would lead to an upward trajectory in the real estate sector.