By Varun Singh
The state of Maharashtra has started e-registration for newly constructed properties, and the office of Inspector General for Registrations and Stamps has even developed a blockchain technology that will store data of e-registration and share with relevant stakeholders including property buyers, government authorities and financial institutions involved in funding the purchase.
During the COVID-19 pandemic, the government had, in 2021, launched a software enabling developers to e-register fresh property sales at their own offices. This was part of an initiative to make things online during the pandemic and ease out registrations. Currently, 417 developers in the state have registered for the e-registration system o the IGR.
Shravan Hardikar, Inspector-General of Registration and Stamps, Maharashtra said, “We have developed a blockchain technology where all the data of e-registration is being stored. It is under pilot and will be launched soon. The block chain will store all the data of e-registration and it will authenticate the data. Currently, 20% of the registrations come for signing a correction deed, and we need technology to handle the data.”
Hardikar added, “4,000 e-registrations have taken place till now, and we expect majority of them to happen online in the coming days. Overall, annually three million registrations take place of which three to four lakh for newly constructed properties. We expect everyone to go online.”
Currently property buyers have to go to the offices of their local sub-registrar to register the purchase of apartments, office space etc. IGR also looks into the registration of agreements for leave and license, gift deed, WILL, registration of cancellation agreements, settlement agreement and adoption deed, etc.
The Maharashtra government, last year, developed a software which enables developers to register the agreement for sale at their own offices. This would mean buyers will no longer have to visit the sub-registrar’s office nor wait in long queues for registrations.
Hardikar said, with e-registration their also will not be a requirement of two witnesses during the registration of the agreement, witnesses are present for during the execution of the agreement between the developer and the homebuyer.
Dhaval Ajmera, Secretary, MCHI-CREDAI said, “This is a good move. The whole system of e-registration will smoothen the process and the data will be completely safe and secured.”
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