With the enormous number of fraud cases alarming the real estate industry, the Union Government is giving a thought on making Universal Identification Authority of India (UIDAI) or simply the Aadhaar card mandatory for all the transactions concerning the property registrations.
Inspector General of stamps and registrations held a meeting at Chandigarh and announced that the Government is the Aadhaar cards a mandatory document for all the property transactions. The sources said this is to determine “who the owners are” and also to track the total revenue invested in the real estate industry.
Till the time the role of the Aadhaar cards does not come into play, states will be accepting other legal documents as the source for determining the identity of the property owners. In the upcoming years, Aadhaar number will be made mandatory for all the property registrations said the sources who were present at the meeting. However, Supreme Court raises doubt and says the Aadhaar is entirely independent, and it cannot be made compulsory.
In the same meeting, the centre also proposed the concept of mortgaging and e-registration of the property. Sources revealed that Maharashtra is the only state to bring into function the concept of e-registration mortgaging. However, the state also declared some clauses stating “only the properties that have more than 500 units and come into the category of rent control can be e-registered.
Apart from the new rules to be passed, the state government has also decided to give the guidance value of the real estate a hike that will be effective from April 1. The hike will fall somewhere in the range of 10-30%. The hike will totally be dependent upon the locality and the area. This rule will make the real estate industry see an increase in the revenue from March 31.