– by Arti Choudhary
We are in the fourth phase of the modern revolution where computerized innovation is completely changing our lifestyle – from transportation to health and teaching – digitalization is changing landscaped in regards to development, executive resources, showcasing and deals.
Talking about real estate, it is one of the most important factors of the Indian economy as it serves 5-6 percent to the Nation’s Gross Domestic Product (GDP). When every sector is adopting the policy of going digital, then how the housing sector can lack behind in the race. The first step towards digitalization in the sector was made when it switched to the digital records of various land from paper records. Main perspective behind the digitization of land records in the sector was to improve transparency. As per the India Brand Equity Foundation (IBEF), the Indian real estate market is expected to touch USD 180 billion, by 2020.
That means, in up-coming years, innovation is probably going to gear-up the development rate of the land. It is the valuable commodity of real estate, accounting for a noteworthy part of the expense of any exchange, but shockingly there is only a couple of countries that have adopted this policy completely and rest does not know the benefits and advantages of it. Following are some of the benefits of digitization of land record:
Development of Digitisation in Real Estate
Digital India Land Records Modernisation Program (DILRMP) was proposed by the government in August 2008, In order to make land records accessible to all, to check property frauds, and to illegal possessions. With this, the government was aiming to automate all land records, including transformations, improve transparency in the land record maintenance system, digitize maps and studies, update all settlement records and minimize the scope of land disputes. Digitization also helps government authorities to keep an eye on land ownership and it also encourages quick exchanges.
How real estate is benefited by digitization?
- Straightforward land record the board.
- A solitary window to deal with land records, including Enrollment of properties, review, and updating of maps, and maintenance.
- Simpler online endorsements of occupancy certificates and plans.
- Clearness over the position of the ownership.
- More prominent simplicity of working together in the area, by making it less complex for the builders and purchasers to check the credibility of the land or the property.
Merits of Digitisation
In order to support the government’s Digital India Mission, digitization of land property records is a great initiative. Including a picture of the property and the landowner for recognizable proof purposes, a total modernized arrangement of land information, beginning from the first proprietor to the present status of the land, will uncover the all-out zone of land possessed by an individual.
To help in maintaining a strategic distance from puzzlement between government land and private land. A crisp study of each bundle of land at ordinary interims, ought to be attempted, to refresh the records is required. Straightforwardness through digitization will make it hard for the overall population to sidestep property charges.
Therefore, it is vital to adopt the digitization of land record policy as along with the transparency it will also improve the quality of land sales and purchase, hassle-free differentiation between government and private land. Overall it will benefit all including, the government, the sector, and the buyer.