Coding system to track property sales
The Delhi Govt is in process of allotting a unique code number to each property in an effort to bring transparency, reports Amitabh Shukla.delhi Updated: Apr 30, 2007 01:41 IST
The Delhi government is in the process of allotting a unique code number to each property in the Capital in an effort to bring transparency into property-related transactions.
The property coding system, to be called the Land Title Registration System, is expected to help prevent fraud by enabling online verification, minimise litigation relating to property rights and establish legality of ownership. It will help check the growth of unauthorised 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 will also be a guarantee of land rights and help establish the legality of the title, allowing banks to lend to the owners with confidence and households to borrow with ease.
A database of all properties in the city will be prepared. The presentation recommended a time-frame of 10 years to complete the project at an estimated cost of Rs 200 crore.
"Along with the circle rate for properties, this will help streamline the property market in Delhi," said Delhi Revenue Minister Rajkumar Chauhan.