The stamp duty e-registration software will be ready in October. However, the developers and related stakeholders will be trained first regarding its use so that they face no problems while processing, said Shravan Hardikar, Inspector General of Registration (IGR) and Controller of Stamps.
“Currently the inhouse staff are being trained. And next will be the real estate stakeholders. In fact, the said software is already in use; however, some trouble shooting issues have been reported, which were fixed and tested,” the official added.
The stamp duty e-registation software will be facilitating only the newly purchased property buyers to complete the process online itself. Meaning, the developer and homebuyer can do the online process from their side, similarly the registrar’s office can do the same. This will reduce the footfall at these offices especially when in the pandemic it is necessary to maintain social distancing, Hardikar stated.
Rohit Poddar, Managing Director, Poddar Housing and Development Ltd on e- registration commented, “With the economy and the real estate segment perching on for their revival post the deadly second wave, initiatives like e-registrations are a shaft of light. Technology has always played a crucial role in real estate. But measures like these are claiming to be a turning point for the authorization of technology within the sector. It is a crucial move with the record-breaking property registrations every month, it brings ease to the process, as well as, saves time.”
Similarly, Manju Yagnik, Vice Chairperson, Nahar Group and Senior Vice President, NAREDCO, Maharashtra also welcomed this move.
She said, “With this online system in place, builders and homebuyers can get the property registration done in a safe environment instead of going physically to the registrars’ office. As we are still in mid of pandemic. Besides, It will also save a lot of time of homebuyers including NRIs, who have to dedicate a days' time for it.”
Reportedly, in September so far over 6,500 houses sale have been recorded in Mumbai alone.
This has led to revenue generation of Rs 469.44 crore. In fact, the number of housing sales that have been recorded is much higher than what was reported in September last year which was nearly 5,500 only.
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