As
the number of fraudulent transactions and investments is on a rise in the
country, the Union government has decided to make Unique Identification
Authority of India (UIDAI) or Aadhaar card a necessary document for registering
properties. Earth Group believes that the decision will prove impactful in
avoiding such activities and is looking forward to its implementation.
The Center mooted for making Aadhaar card mandatory for property owners at a
meeting of inspector general’s of stamps and registrations in Chandigarh
recently. This move will identify the buyers and keep track of the money
entering in the real estate industry, said Earth Group. The Center will make
Aadhaar as a source of rooting out transactions which are entered into by
non-residential Indians (NRI) and foreigners. With coverage of no less than 97%
in the country, Aadhaar cards will help the Centre track individuals who
purchase properties in India.
The
officials who attended the meeting said that for the time being, states will
accept other legal documents for identification of persons buying properties,
but in future, Aadhaar numbers will be required for registration. However,
according to a Supreme Court order, Aadhaar is purely voluntary by nature and
cannot be made mandatory.
However,
during the meeting, the Center ruled out the possibility of e-registration and
mortgaging of properties, again fearing fraudulent transactions. While the
state government wanted to do away with the presence of landowners before the
registering authorities while mortgaging properties with financial
institutions, it required the Center's assent to amend the Registration Act of
1908, which was turned down.
As
reported by sources, the only state that is known to introduce e-mortgaging and
registration was Maharashtra. However, in Maharashtra too, only structures
which have more than 500 units and fall under the Rent Control Act are
e-registered, confirmed Earth Infrastructures Ltd.
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