What would be the impact on the Real Estate Market, when Properties are linked up with Aadhar?
Picture Source: 99acres.com
Indian Government has come with a new idea of adding a unique identity number for all the sectors, where even a penny transaction is held with the unique ID number called as Aadhar. And there is a question revolving around the minds that, what if the properties are linked up with the aadhar. As per the Housing.com news, and other source of information Hardeep Singh Puri, Union Minister of Housing stated that there would be a scope of linkage of Aadhar with the properties but later he stated in the house that, it is not mandatory to link up the Aadhar with the properties but if this becomes mandatory, then there may be many implications will occur in Real Estate Sector.
Benefits regarding the linkage of Aadhar to Property:
Already in previous articles, we have discussed about the RERA ACT, which created Transparency in Real Estate Sector, this is a great move by the government to opt the opacity in the Real Estate properties by making everything online even from the constructional status to value of properties. And now, if Aadhar is compulsory for any property transactions, then there will be more transparency seen in the market, as it becomes an open book for everyone to take a look over. Even from the title to the measured precautionary steps, everything will be clearly observed. Linking of Aadhar gives an identity of transaction, which will creates an inflow of investments as often before the undisclosed Foreign transactions can be get coupled with this also clears many complications on Real Estate Sector. So, there will be accountability for each and every transaction you made and thus flow of black money can be reduced.
Identity theft i.e, ownership of property or multiple registrations on one land and title distractions will get to an end.
But this might be a fool proof system if Government takes a step forward in linking of Aadhar with property, as the security system of Aadhar will be a great burden for the Govt. Unless until they ensure the maintenance of the data base system perfectly. And also there will be some ancestral properties which have no proper ownership documents, for this type of disputed properties, it may workout properly.
Over all, Linkage will be a best option to improve the transparency in Real Estate Transactions.
This Source of information is an extraction from Housing.com experts’ article.
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Information Source: Housing.com