The Delhi government is in the process of allotting a unique code number to each residential property in the Capital in an effort to bring transparency into property in India related/commercial transactions.
The residential/commercial property in India coding system, to be called the Land Title Registration System, is expected to help prevent fraud by enabling online verification, minimize litigation relating to property rights, and establish legality of ownership. It will help check the growth of unauthorized colonies in the city too, government officials said. The “in principle” approval of the government came last week after a presentation by the Urban Institute, supported by the United States Agency for International Development, before top officials of the state government, including Chief Minister Sheila Dikshit. The recommendations of the presentation include replacing registration of transactions with registration of titles (proof of ownership).
The registration would also be a guarantee of land rights and help establish the legality of the title, allowing banks to land to the owners with confidence and households to borrow with ease.
A database of all residential/commercial property in India in the city will be prepared. The presentations recommended a time-frame of ten years to complete the project at an estimated cost of Rs 200 corore. “along with the circle rate for properties, this will help streamline the property market in Delhi, “said Delhi Revenue Minister Rajkumar Chauhan.
Courtesy: H.T. dtd.30 April 2007.
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