More cities are looking to opt for online property registration. The latest attempt to consider the online route was in Noida.
“In an endeavour to make property registration and related services more transparent and efficient, the Noida Authority has decided to completely get rid of the manual process. Earlier, consumers had the option of taking the online route of property registration since November 2018, or take the offline route. But from 2019, all property registrations and transfers of properties can be done only online. All payments must also be done solely online," said Anuj Puri, chairman, Anarock Property Consultants.
According to experts, online transaction indicates transparency.
“Undoubtedly, there will be greater transparency and efficiency, provided the website is up and running and the process is user-friendly," said Puri.
However, the implementation is unlikely to happen anytime soon. According to Sunny Katyal, director, Investors Clinic, Noidabased property brokerage firm, like RERA and GST, in case of online property registration there is still no clarity.
“There is no formal communication yet from the authorities on how to implement it in terms of website or transaction process. I don’t think it is even practical to go the online way because the paper work is complicated for real estate. Also execution is difficult due to lack of communication," said Katyal.
In fact, online registration has not been successful in other parts of the country. Tamil Nadu, for instance, implemented online registrations but there were several critical issues which ultimately forced buyers and sellers to visit the registrar office.
“Thus, for them the online route was far more inconvenient than the offline one. Having said this, any new major overhaul does have initial teething issues which ultimately get resolved over time. Moreover, this move will make it much more convenient for property consumers as they will have the convenience to finish this uphill task from home. Earlier, it was a tedious task which could take up a major chunk of a working day," said Puri. Even for builders, it could bring in some respite as far as time and convenience is concerned.
“Also, the bribes often given to officials at the registrar office for easy commencing of the registration process can be done away with. To all these effects, this process will be far better and a smoother ride for property buyers and builders alike. While there are talks of this process spreading its wings in the entire country, it is still largely the prerogative of the respective states to implement it in letter and spirit," said Puri.
A few states such as Tamil Nadu and Punjab have already started online registrations and if we go by the reports then online property registrations are seeing a major rise with time.
However, at the moment going fully online for property deeds is farfetched.